Oregon Revenues Steady, But Storm Clouds Loom
Steady job growth means Oregon's economy will continue to do well in the short term. But storm clouds are on the horizon. That was the prediction Wednesday from state economists.
Tax and lottery revenues are keeping pace with projections for the current budget cycle. And state economist Mark McMullen said Oregon's economy is doing well for the most part. But he said signs point to an impending slowdown nationally. The real question is when.
"The problem with our models is they don't do a very good job with turning points,” McMullen said. But he added, "We are now betting that the slowdown is going to happen soon."
That means less money for lawmakers to spend during the upcoming legislative session. That could change dramatically depending on whether Oregon voters approve Measure 97, which would raise taxes on some corporations.