Without state and local aid from new stimulus legislation, many state and local governments will find themselves swimming in a sea of red ink.

An analysis from Dan White of Moody’s Analytics estimated that the labor market will not recover all of the jobs lost during the recession until 2023.

The diagnosis, specifically for state governments, is even more chilling with a resurgent pandemic and stimulus legislation negotiations stalled: “The biggest risk factors that could cause us to slide into the more severe scenario from the baseline are a resurgence in COVID-19 infections nationwide, or a failure in Congress to pass another round of fiscal stimulus. ”After a massive drop in 2010, states had continued to make piecemeal progress towards improving their financial position.

And then the pandemic wreaked major havoc: Moody’s estimated that U. S. states could see a shortfall of about $434 billion from 2020 through 2022 without further stimulus.

“This chart shows that additional stimulus is as urgent as ever, ” Angela Hanks, deputy executive director at Groundwork Collaborative, a progressive think tank, told Yahoo Finance. “We’re still facing a crisis on a number of fronts. … Ultimately, it’s only the federal government that’s going to be able to solve them. ”.








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