REGIONAL ECONOMIC MODELS INC. DR. MARK D’AMATO SENIOR ECONOMIST Bridging Budget Gaps Modeling our Way to Fiscal Solvency.

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Presentation transcript:

REGIONAL ECONOMIC MODELS INC. DR. MARK D’AMATO SENIOR ECONOMIST Bridging Budget Gaps Modeling our Way to Fiscal Solvency

Dual Crisis – Fiscal 42 states have budget shortfalls, FY2012 Source: Center for Budget and Policy Priorities (CBPP)

Dual Crisis – Economic Source: Bureau of Labor Statistics (BLS)

Balancing the Checkbook What is the long-term fiscal and economic impact of… …Changing tax rates? …Broadening tax base? …Phasing out income tax and offsetting revenue losses with sales tax increase? …Cutting budget 10%?

Size of DEMO Economy Total Employment = (thous) Total Population = (thous) Total Estimated Revenue 2011 = (mil)