Kriss noted that state revenue collections were falling below projections, signaling a possible large downward revision in the forecast that will be released March 17. The predictive art faces increasing challenges in a dynamic and changing global economy, as discussed here and here.

Now factor in another sign of tough times ahead.

U.S. consumer sentiment declined in March at the fastest pace since the financial crisis began in 2008, according to survey results released Friday by Thomson Reuters and the University of Michigan.

The gauge fell to 68.2 in March from 77.5 in February, marking its biggest decline since October 2008, after Lehman Brothers filed for bankruptcy.

The March reading surprised analysts. Economists polled by MarketWatch had expected a level of 75.8, with gains from an improving labor market offset by rising gasoline prices.

Meanwhile, the University of Michigan gauge of consumer expectations plunged to 58.3 in March from 71.6 in February, while the current-conditions index declined to 83.6 from 86.9.

Not good.