Economic clarity eludes Colorado leaders
The Denver Post
Colorado’s revenues are plummeting. All the economists agree on that – but when it comes to figuring out by how much, they part company.
Economists for the Legislative Council estimated last week that Colorado would be short another $240 million on top of a $320 million hole.
Gov. Bill Ritter’s office is predicting that the existing $320 million shortfall could shrink by as much as $233 million.
“The last two years with this downturn have shown such incredible volatility and missed forecasts, it just shows it’s an incredibly difficult thing to do,” said Scott Pattison, executive director of the National Association of State Budget Officers.
In Colorado, as in many states, government economists have had to revise their forecasts multiple times during the recession.
Pattison said the individual economic factors in each state – its industries, housing market and tax systems – can make it tougher for forecasters.
For more of this Denver Post story: http://www.denverpost.com/ci_13435157