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September 28, 2020

"Shocking" Reversal-of-Forecast for Oregon's State Finances: Instead of Being $2 Billion Short, Oregon is Now Forecasted to Have Two Billon Extra In This Two-Year Budget Cycle

No word from Pixy about the comments yet. I'll let you know when he does reply.

From The ARC of History:

A straw in the wind for Trump:

In April, the economists working for the State of Oregon predicted a $2 billion hit to state revenues over the next two years due to coronavirus (Oregon has a two-year budget cycle). That's about five hundred bucks a person.

After all, Second Great Depression, bla, bla, bla.

The economy was obviously going to go south, taking state revenues with it.

And now... never mind.

"We're talking about a $2 billion increase in the current biennium resources, which effectively erases what we had in terms of recession in the forecast," said Mark McMullen, state economist with the Office of Economic Analysis. "We expect to end the biennium about the same as we did in March."

The State of Oregon is now forecasting that it will be collecting more state income tax revenue in 2020 than in 2019.

If this is mirrored nationwide, this is great news for Trump.

Update: Hamsters being kicked now.






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