Editor’s note: If you don’t like bad economic news, skip this post.
Given the present economic crisis, the situation for educational institutions in the state are as uncertain as the rest of the economy. This morning, the Birmingham News reported the education budget could end up short five percent (about $318 million.) Care to guess why the situation is so bleak? The way politicians create a budget. Even if we were fortunate enough not to see revenues remain at last year’s level (and not shrink due to the economic crisis), we would still be in the hole. To avoid a shortfall, trust fund revenues would have to grow by about 6.5 percent this year. Neither Hubbert, Morton nor Main said he expected that to happen.
FYI, this is why I don’t like Hubbert or just about anyone in Montgomery.
And if the news weren’t bleak enough. Alabama’s auto industry could take a hit from the economic downturn, according to reports from Europe. Stuttgart-based Daimler said Tuesday the company wanted to keep car production at a low level, in light of the current financial situation, and that production adjustments could affect German facilities and Daimler’s Tuscaloosa, Alabama, plant, though no specific plants or models were outlined.
Production adjustments. You’ve got to love the nice way of saying cuts. It reminds me of a Simpson’s episode when Lisa as president disguised a tax increase as a “refund adjustment.”
Anyway, here’s the AP story coming out of Europe on the automotive situation: