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

  • ID: 1805934
  • October 2000
  • Standard & Poors
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  • Alabama
  • Florida
  • Kentucky
  • Missouri
  • North Carolina
  • State of Washington
  • MORE

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...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

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