Scott Pattison
Scott Pattison
bad build case economy funds goes limit memory momentum soft somewhat states
The memory of the really bad downturn we had from 2002 to 2004 is strong. And there's always Medicaid. And a lot of states want to build up their rainy-day funds in case the economy goes soft again. So all of that is going to limit somewhat the momentum for new programs.
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Every new dollar coming in is already spent and then some. I liken it to a guy who gets a raise and then gets home to see the bills just keep piling up.
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People really have to be careful. It's because revenue went down so far and we're very cautious about future projections. It doesn't necessarily mean that happy days are here again.
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Personal saving rates are minimal, and the federal government is deeply in deficit. But the states are putting money back into their rainy-day funds.