Professional Documents
Culture Documents
Sujit M. CanagaRetna
The Council of State Governments
Southern Legislative Conference
I.
II.
on states
III.
IV.
I.
Where States Were:
Budget Shortfalls, FY 2002-05
$90
$80
$70
$60
$50
$40
$30
$20
$10
$0
FY
FY
FY
FY
2002 2003 2004 2005
I.
Slashed Spending
Raised Taxes
Racked-up Debt
I.
Where States Were:
Year-Over-Year Quarterly Change in
Total State Tax Collections, 1991-2004
GDP
2001 = 0.8%
2002 = 1.9%
2003 = 3.0%
Interest Rates
Interest and Mortgage Rates at historic lows,
spurring a tremendous degree of consumer
consumption and first-time home buyers and refinancings
Fed Funds rate at 1%, a 46-year low, until the
Fed raised rates in June 2004, first time in four
years
Inflation
Inflation, as reflected in the CPI has not
exceeded 3% the past seven years, except in
2000. It is expected to be about 3.5% this year,
given the steep rise in energy prices
2003
2008
California
New York
Texas
$2,218.9
$1,144.5
$1,479.1
$4,620.4
$2,427.7
$3,079.9
Florida
Georgia
North Carolina
Ohio
Vermont
North Dakota
Maine
$1,117.8
$532.9
$356.2
$547.8
$26.4
$33.2
$61.4
$2,352.1
$1,130.5
$764.9
$1,146.8
$54.8
$64.6
$126.6
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
1997 1998 1999 2000 2001 2002 2003 2004
Thank You
State Budgets:
Swimming Away From A Sea
of Red Ink
For more information, please contact
Sujit M. CanagaRetna
404/633-1866
or
scanagaretna@csg.org
www.slcatlanta.org