Tuesday, August 16, 2011

Double Dip?

The Tennessee House and Senate Finance Committees should get ready, we may be in for it:

There are few East Tennesseans who this writer has spoken to who actually believe that we have ever completely recovered from our previous recession, and still more of us who think that the last recession never truly came to an end except in name. The State has a vested interest in whether there is a recession since our revenues at a State and local level are largely gleaned from sales and use taxes. In recent days we have learned that sales tax collections in July were higher than projected-good news for our fiscal health in the short term. If the economy is taking a southward turn, that news is very liable not to last, and the General Assembly will be obliged to adjust State spending accordingly.

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