Kick the can: But is it revenue or spending?

At the end of today's Review-Journal story about the just ended special legislative session, Guy Rocha, a Nevada historian and former state archivist, sums up just where the state is headed as everyone talks about the need for "broad-based" taxes and an overhaul of the system to avoid boom and bust cycles.

Frankly, if I were a betting man, I'd say the claim that the session stanched the budget shortfall until the 2011 Legislature is more  than a bit optimistic. On the revenue projections, take the under. On the expense projections, take the over. In fact, I'll lay 8-5 there will be another session before the year is out.

As for that long haul everyone is talking about, Rocha put it this way, "Tourism and gaming has been the growth engine for Nevada for 80 years, but the state can't rely on that any longer. If they kick the can down the road again, Nevada is going to have a protracted economic crisis."

The question is: What is the can? A lack of tax revenues plucked from the pockets or private citizens — all taxes on businesses are paid by citizens one way or the other? Or a failure to even contemplate curbing unfettered growth of government spending at all levels?

At the risk of repeating myself:

Click on chart for a larger version.