2011 budget shortfall as a percentage of general fund: 31.3 percent
2011 budget shortfall: $338 million
2012 projected budget shortfall: 14.3 percent (15th largest)
GDP change (2006 – 2010): +8.3 percent (tied for 14th smallest increase)
Median home value change (2006 – 2010): +12.4 percent (18th largest increase)
Vermont was hit extremely hard by the recession. The percentage of people living below the poverty line increased by 13.6 percent between 2006 and 2010 — one of the largest increases in the country. And while the state’s GDP increased over that period, it only grew a small amount compared to other states. One way Vermont has attempted to bridge its budget gap is by closing the state court system for half a day each week. Other measures include a hiring freeze and cuts to higher education operating funding and financial aid.
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