The Voice - Student Newspaper

Updates on Arizona state budget, cause for concern

The recession has reached its worst in 2009, but is expected to hit rock bottom in mid 2010, predicts Dean Martin, treasurer of Arizona.

In late 2010, we should slowly move out of the recession then economy should slowly refine itself.

With regards to the current employment situation, there are few job openings and the market is not going to get better anytime soon. Martin's advice to the unemployed is to 'watch your credit rating and be careful when spending money.' Martin stated that the current generation is growing into a tough job market, and grades and credit scores are critical for students.

"Don't spend more money than you have," he recommends.

The housing market is also projected to level out in the upcoming year.

It's predicted that there will be more foreclosures in 2010 alongside a slowly improving market.

With the banks rarely lending out money, the stimulus dedicated to helping homeowners is not going to help matters.

Homeowners are losing their homes and buyers are getting the best values. Martin clarified that the current housing market is selling at year 2001 value with 1996 inflation.

The current state budget has been giving its money away due to a $469 million deficit that is continually growing.

Recently, the government and legislatures have been making short term changes and still have yet to establish a sustainable budget.

Martin declared that a budget can be created in a year; all it would take is leadership. If the state budget is not set by 2010, expect higher government taxes and huge tax cuts.

Dean Martin believes the economy will recover between 2011 and 2012, but it's not a promise.

Until the economy improves students are advised to control spending and pay attention to finances. In a sense you're only as rich as the country you live in, it's going to get worse before it gets better.

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