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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: RealMuLan who wrote (36670)7/28/2003 1:52:13 PM
From: RealMuLan  Read Replies (1) of 74559
 
Red Ink in States Beginning to Hurt Economic Recovery
By LOUIS UCHITELLE

"It is reasonable to think that the response by the states to the fiscal crisis is taking at least half a percentage point out of the growth rate of the national economy," said Nicholas Johnson, director of the State Fiscal Project at the Center on Budget and Policy Priorities in Washington. The annual growth rate has averaged 2.6 percent for the last 15 months.

The cuts in state spending are just starting to be felt, with the impact landing disproportionately on the poor. "We have been shifting a lot of spending for social services from the feds to the states," said Robert M. Solow, an economist at the Massachusetts Institute of Technology and a Nobel laureate. "And that means the cuts that are taking place are hurting people at the bottom of the income distribution."

nytimes.com
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