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Report on the Economic Forecast
Published:03/20/2009 Local
Report on the Economic Forecast
Today we received a report on the economic forecast for our state. This report gives us an idea of how well businesses are doing, where job losses are being reported, and how much tax revenue we have (or don't have) for the budget. The report told us we have taken in less than we expected for this and the next biennium, bringing our state's budget shortfall to $8.8 billion. A fact that is often lost behind the headlines and debates is that our state is actually expected to take in the same amount of income than it did in the last two years. As the chart below illustrates, we don't have a problem with a lack of revenue. Raising taxes now in a recession is counterproductive to stimulating consumer spending and will not help bring a thriving economy back to our state. I'm happy to tell you that Eryk's Law passed the House unanimously last week. Read the release I sent out to the media here. Next week, it will have a hearing before the Senate's public safety committee. I have met with each of the Senate committee members and I'm hopeful we can move the bill off the Senate floor to the governor for her signature. We're in the third quarter, just a short time to go until this bill could become law! I'm honored to work on this important piece of legislation and proud to represent Eryk's parents, who have been so dedicated to him and to stopping the cycle of child abuse. Also next week, my first bill to pass the House (also unanimously) will be heard in the Senate labor committee. House Bill 2208 is a great bill for small businesses who sell motorsports vehicles. Currently, these businesses are being charged exorbitant fees for cancelling orders with the manufacturer, who is often overseas. One employer told us the fees were more than the cost of one of their employee's salaries. This bill would prevent manufacturers from charging fees to these small businesses who are already struggling to keep jobs in a difficult economy. Read the release I sent to the media here. For those of you that suffered property or building damage during the winter storms late last year, the deadline to apply for federal aid through FEMA is Tuesday, March 31. Learn more here or visit the Washington Emergency Management Division's Web site. Also, be sure to contact the Department of Revenue to get a revaluation of your property and buildings so you can get a refund on your property taxes if you've had significant damage. It's an honor to serve you. Please feel free to call or e-mail me. My contact information is at the top.
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