Historic Revenue Drops: Worse in History, including Great Depression

With $700 billion in TARP, $700 billion in Stimulus and a $1.5 trillion ($1500 billion) federal budget deficit it's easy to get numb to big numbers. So when I hear of a $53.7 billion California budget deficit I yawn. And Vermont's measly $278 million deficit is akin to a yelping car alarm. I probably heard it somewhere but my subconscious refused to waste a single neuron imprinting it.
(snippet)
California: $53.7 billion shortfall or 58 percent of its budget

Arizona: $4 billion shortfall or 41 percent of its budget

Nevada: $1.2 billion or 38 percent of its budget

Illinois: $9.2 billion or 33 percent of its budget

New York: $17.9 billion or 32 percent of its budget

Alaska: $1.35 billion shortfall or 30 percent of its budget

New Jersey: $8.8 billion or 30 percent of its budget

Oregon: $4.2 billion or 29 percent of its budget

Vermont: $278 million or 25 percent of its budget

Washington: $3.6 billion or 23 percent of its budget

Connecticut: $4.1 billion or 23 percent of its budget

As ABC also noted these deficits are almost exclusively caused by massive revenue drops in these states. Tax revenue has simply dried up. In some cases the revenue drops are the largest in history (including the Great Depression).

Link

Federal Revenue