U.S. states inch closer to pre-recession prosperity
WASHINGTON (Reuters) - U.S. states are coming close to the end of a three-year trek back to the financial prosperity they enjoyed before the recession, according to a survey released on Friday that found the recovery is slow and uneven.
The National Association of State Budget Officers and National Governors Association found that total state spending will likely rise 2.2 percent this fiscal year from last, while general fund revenues grow 3.9 percent to $692.8 billion.
Meanwhile, states' primary tax sources will likely rise in fiscal 2013, with personal income tax collections projected to increase 5.5 percent and sales tax collections 2.8 percent. For most states, fiscal 2013 began on July 1.
"The direction is encouraging, but it's still very slow growth," said NGA Executive Director Dan Crippen. "We would despair if it were going down, but we aren't dancing in the streets because it's going up modestly."
forgive my sarcasm, but where was the prosperity in the 2000's? It sure as heck wasn't being enjoyed by the majority of Americans. I think by most metrics, the last time "most" Americans were prospering was in the Clinton administration.
I had good jobs and good salary growth. The past fwew years have been tougher. Health care costs have gone up a lot each year recently and my salary increases have been a lot smaller. Also, my coworkers have lost jobs at rates I haven't seen since about 10 years ago. My experience may not be typical, but the 2000s were pretty good for me.