April 11 to May 10 general fund-state revenue collections were $7.6 million less than forecasted
The Economic and Revenue Forecast Council’s monthly Economic & Revenue Update is out today. For the April 11 to May 10 month, general fund–state revenue collections were a modest $7.6 million less than the forecast. For the three-month period from February 11 to May 10, collections are cumulatively $9.6 million greater than the forecast. The […]
April 20 , 2012 - Richard S. Davis
Sluggish economy a concern for state revenues?
The Wall Street Journal warns of another springtime stall in the economic recovery. The usual suspects are implicated. Rising layoffs, falling home sales and slowing manufacturing activity are sparking fears that the economic recovery is headed for a springtime stall for the third year in a row. Naturally, there’s an “on the other hand.” But […]
April 19 , 2012 - Kriss Sjoblom
Employment Report Shows State Added 3,300 Jobs in March; February Gain Revised Up to 4,800
The state Employment Security Department released the Monthly Employment Report yesterday. According to the U.S. Bureau of Labor Statistics’s preliminary estimate, the state added 3,300 jobs from February to March. The January to February estimate was revised up by 600 to show a gain 4,800 jobs. The preliminary estimate of the March unemployment rate is […]
April 19 , 2012 - Richard S. Davis
The inequality debate and its progenitors
The New York Times runs an extended profile piece on Emmanuel Saez and Thomas Piketty, the two economists whose work underpins much of the current political assault on “inequality.” Last week, I posted here on the overhyped discussion, including links to recent research indicating that the Piketty-Saez analysis is fundamentally flawed. Simply: they ignore a lot of relevant things. In […]
April 18 , 2012 - Richard S. Davis
New Pew Center on the States report evaluates evaluations of tax incentives
In my column today, I comment on a recent report by the Pew Center on the States. The study, Evidence Matters, examines how states evaluate tax incentives. From the column: Pew identifies Washington as one of 13 states “leading the way” in the systematic evaluation of tax incentives. Washington’s review process does a good job […]
April 12 , 2012 - Richard S. Davis
Time to shed some light on the overhyped income inequality debate
It’s spring and soon the fair weather protesters will take to the warming streets to denounce income inequality once again. The chants of the 99 percent, however, should fade in the face on an increasing body of economic research that reveals the hollowness of their fundamental premise. The rich have not gotten richer at the […]
April 11 , 2012 - Kriss Sjoblom
March 11 – April 10 State Revenues $24.9 Million Above Forecast
Hours after legislators decamped from the capital, the state Economic and Revenue Forecast Council’s monthly Economic and Revenue Update provided a bit of fiscal good news: Collections for the March 11 – April 10 period were $24.9 million above forecast. Collections for the preceding February 11 – March 10 period (reported on March 12) were […]
April 10 , 2012 - Richard S. Davis
Why pension reform matters
Kriss’s post below neatly lays out the argument for reforming the state pension system, one of the remaining issues under discussion in the 11th hour discussions in Olympia today. The Research Council has paid close attention to pension issues over the years, for example in the 2011 policy brief, Reforming Public Pensions. The Seattle Times today […]
April 09 , 2012 - Richard S. Davis
Continuing to compete for aerospace work
In today’s Everett Herald, Troy McClelland and Richard Cooper present a strong case for continued work on our state’s competitiveness. McClelland is president of Economic Alliance Snohomish County and Cooper, CEO of The Everett Clinic, serves as the Alliance’s board chair. They point out that, while it’s great for our economy that Boeing decided to build […]
April 06 , 2012 - Richard S. Davis
Risk of economic slowdown reinforces need for a sustainable state budget
The Wall Street Journal headline sounds the alarm: Job Growth Loses Steam The government’s main snapshot of the labor market showed employers added 120,000 jobs in March, half the upwardly revised number of the month before. That snapped a three-month streak of 200,000-plus jobs growth, the economy’s best showing since 2006. There were bright spots: […]