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The Economy and Demographics Hold the Key to States' Fiscal Health Oct 00 Product Image

The Economy and Demographics Hold the Key to States' Fiscal Health Oct 00

  • Published: October 2000
  • Standard & Poors

FEATURED COMPANIES

  • Alabama
  • Florida
  • Kentucky
  • Missouri
  • North Carolina
  • Tennessee
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Abstract
Almost without exception, national economic forecasters underestimated economic growth in the mid- and late 1990s. The real gross domestic product grew at an average annual rate of 3.6% between 1992 and 1998. It grew at a 4.3% annual rate in 1998 and a 4.2% annual rate in 1999 instead of the 2.5% to 3% earlier predicted. This performance, achieved both by driving the unemployment rate lower than people thought it could go and by unanticipated improvements in technology-induced productivity, was unforeseen. In its wake, both federal and state tax revenues have been very strong. The rapid increase in the stock market especially benefited states with personal income taxes. As a result, not only were states spared the difficulty of raising...

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