That’s how columnist Scott Mooneyham describes the state budget issue as the General Assembly prepares for its 2009 session.

Mooneyham delivered a legislative preview during today’s meeting of the John Locke Foundation’s Shaftesbury Society.

Despite the headline above and the projections of large budget holes, Mooneyham doesn’t buy into the frenzy that’s motivating some actors on the political scene now. He says the state will weather the budget storm and will likely fare much better than other states with deeper budget problems.

Click play on the video clip below to see Mooneyham discuss one major budget issue: the prospect of state government job cuts.

7 p.m. update: Watch the entire 54:22 presentation by clicking the play button below.

You’ll find other John Locke Foundation video presentations here.