The government big enough to give you anything...

...is big enough to take it away when the tax revenues dry up. From the Boston Globe: "State fiscal problems may worsen"

This week's announcement of 1,000 state employee layoffs and $1 billion in budget cuts may just be the beginning, as financial forecasters say that Governor Deval Patrick's predictions of revenue shortfalls are as much as $500 million too low.

The reason: the continuing plunge in the stock market is dragging down capital gains taxes that have kept Massachusetts flush in the boom times.

Beacon Hill legislators ignored a voter referendum to roll back the state tax rate and instead kept on expanding state services:

During the past four years, taxes collected on capital gains have risen steadily, from $1.49 billion in fiscal year 2005 to $1.9 billion last year, according to the state Department of Revenue. The windfall has allowed the state to increase spending on key areas like education and healthcare without dipping into the state's cash reserves, known as the rainy day fund.

But the sudden drop in the stock market - the Dow has lost nearly 18 percent of its value since Sept. 15 - has left the state veering toward a financial crisis not seen since 2003, when Governor Mitt Romney made sweeping cuts in local aid to cities and towns.

Now that everybody has become dependent on the state government for home care, HIV/AIDS prevention, after-school tutoring, and substance abuse programs, they're all going to be cut to the bone. But don't worry: Governor Deval Patrick is going to take bold and unpopular steps to fund the state government...after the election:

Thus far, Patrick and legislative leaders have avoided any talk of imposing fees or new taxes, such as an increase in the gas tax, to help balance the budget. Observers say this is because the governor and lawmakers don't want to risk angering voters who will be asked in a Nov. 4 ballot question whether they want to eliminate the state income tax - which generated $12.5 billion last year.

Of course.