Is Connecticut’s Budget Recession Ready?

HARTFORD — The longest period between recessions is about 10 years. “We are now nine years and counting since the last time we had a recession,” Neil Ayers, director of the Office of Fiscal Analysis, told lawmakers this week. “If we make it through this current year without a recession it matches the all-time record. If we make it through the biennium, it would exceed the all-time record by 20 percent.” That’s just one more thing, aside from the $1.5 billion deficit in next year’s budget, for the new legislature and Gov.-elect Ned Lamont to worry about. Ayers said historically there’s a large revenue loss at the beginning of a recession.

from News https://www.ctpost.com/politics/article/Is-Connecticut-s-Budget-Recession-Ready-13431689.php