Getting Worse

State tax revenues will be $15 million less than expected this year and $25 million worse next year (the budget year  that the legislature is now working on).  But buried in the revenue  forecast that was presented to the legislature and governor yesterday were these even more sobering statistics:

• The state's unemployment rate, currently 7.2%, will average 8.9% next year, which means in some months it will be over 9%.  In 2011 it will average 7.6%, higher than it is right now.
• The state will lose another 5,000 jobs next year, after losing 15,000 this year.
• Average home prices in Vermont will continue to fall this year and next, and be flat in 2011.
• Total general fund tax revenues in 2011 will be less than the state received in 2006.

Comments

[GreggB]

14.8% unemployment in 2011. Yikes. Can anything save VT from itself?

[txgordo]

uh, Gregg, you missed a comma - but it was funny. Maybe the comma should have been a semicolon - a more meaningful pause.

[GreggB]

My bad. I guess everything will be OK in VT after all.