Blue State Economic Success Story, Chapter 4,325: New York is $2 Billion In The Hole; Projections Assume Discovery of Massive Diamond Mine in Ithaca

California, Illinois, New Jersey -- and now, New York. Gee, isn't it great having Democrats run the whole country? Their command of economics is just so... je ne sais quoi...

New York State Comptroller Thomas P. DiNapoli today warned that unlikely revenues included in the Deficit Reduction Plan and lower tax collections could increase the current year state deficit to more than $2 billion. In an analysis of the Governor’s amendments to the proposed 2010-11 state budget, DiNapoli found that for the state to meet current revenue projections, total General Fund tax revenues would need to grow by more than 46 percent in March.

To show you the miracle that is Democrat accounting, consider the following chart (click to zoominate):

Year to date tax collections have been below projections for most of the year, including over $1 billion in January alone (as compared to the Executive's January Planupdate). To reach year-end projections, collections will require 56 percent growth in the month of February and 46 percent in the month of March.

Well, I for one am confident that, since President Obama has saved or created four hundred and seventeen million jobs, New York is certain to get this kind of lift in revenue!

See those flying unicorns saddled up with money bags? There -- off in the distance? Why, it's another Obama miracle!