Key Economists: Arizona Economy is Slowing Down
Majority Leader says it’s a reminder of fragile economy; time to prepare, not spend
A group of key economists released a new report today, predicting the state’s economy is slowing down. The Finance Advisory Committee announced at its meeting with state lawmakers that Arizona’s base growth rate for Fiscal Year ’13 is 3.4 %. That is a significant drop from January, when the same group projected growth at 5.1% for next year.
The Senate Majority Leader says this is a wake-up call that we are in a slow recovery. “We’ve heard groups in the past year point to some positive numbers and use them as a reason to boost state spending. Today’s report is a reminder that now is not the time to crank up spending,” says Majority Leader Andy Biggs.
“The Legislature made the right call last year with a balanced budget in tough economic times. We can’t afford to go back to our spending ways of the past. The people are demanding we prepare for an uncertain future. In addition to a slowing economy, we have the impacts of federal deficit reduction and the coming heavy burdens of Obamacare,” says Senator Biggs. “If we make the wrong calls and spend money we don’t have, Arizonans will be paying for those mistakes for years to come.”