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Legislative Update: State Releases Economic Outlook

09/13/2023 10:55 PM | Anonymous

The state's Office of Economic Analysis presented its state economic outlook to the House and Senate Committees on Revenue this month. Some highlights include:

  • Inflation has slowed from 9% last summer to closer to 3-4% today
  • Getting down tot he Federal Reserve's 2% target is harder
  • The full impact of past interest rate hikes may still slow growth in the year ahead
  • Higher interest rates today do not pack the same punch given many households and businesses have locked in low fixed term rates, government debt is an exception.
  • Oregon is expected to have it's largest "kicker" tax rebate back to Oregonians this year.

Comments from Legislative Leaders on the revenue forecast include:

  • Senate President Rob Wagner (D-Lake Oswego): "As Oregon's public schools welcome back students, we can see the importance of the unprecedented investments we made as a Legislature during the 2023 session. Today's forecast means we can sustain critical funding for services that directly impact the lives of Oregon families. We made historic investments during the 2023 session to improve people's lives by funding behavioral health care, public schools, affordable housing, and jobs. With a stable economic outlook, I am excited to build upon this important work for the people of Oregon in the 2024 session."
  • Speaker of the House Dan Rayfield (D-Corvallis): "In a position where we see so many people in need, having a strong economy is essential to continuing to deliver on the issues Oregonians care about most: homelessness, access to behavioral health and healthcare, community safety, and education. We know that Oregon families are still struggling with daily costs. This stable forecast reaffirms that we can continue to find creative solutions to our ongoing efforts and provide oversight that leads to tangible outcomes like securing family wage jobs and connecting people with addiction and mental health services. Oregon's Democratic leadership remains committed to building a fiscally responsible budgets that result in what we are seeing today: a stabilizing and growing economy. We'll continue to maintain and strengthen services that bring down costs for working families and make sure they have the resources they need to take care of their kids."
  • Senate Republican Leader Tim Knopp (R-Bend): "We must capitalize on this moment with real assets - not empty policies - to leave our state better off for the next generations. Oregonians are all too familiar with high costs of living, excessive taxes, and a severe lack of housing thanks to decades of failed policies pushed by Democrats. This is the time to boldly invest in infrastructure like roads, sewer systems, and water for all Oregonians who want to build or buy a home affordably."
  • House Republican Leader Vikki Breese-Iverson (R-Prineville): "Public safety must be our top priority, particularly cracking down on crime and the fentanyl crisis plaguing our communities. We must support our law enforcement and the critical work they are doing to make Oregon a safer place to live, work, and raise a family. While this morning's economic forecast revealed Oregon's revenue is stabilizing, the Legislature cannot view this as a free pass to spend with reckless abandon. We must exercise fiscal responsibility while prioritizing Oregon's most pressing issues."

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