{"id":2036,"date":"2022-12-14T13:22:35","date_gmt":"2022-12-14T17:22:35","guid":{"rendered":"https:\/\/townunderground.com\/?p=2036"},"modified":"2022-12-14T13:22:35","modified_gmt":"2022-12-14T17:22:35","slug":"granite-memo-facing-potential-recession-nh-lawmakers-urged-to-exercise-budget-restraint","status":"publish","type":"post","link":"https:\/\/townunderground.com\/?p=2036","title":{"rendered":"Granite Memo: Facing potential recession, NH lawmakers urged to exercise budget restraint"},"content":{"rendered":"\n

From GraniteMemo.com<\/a> full article HERE<\/a><\/p>\n\n\n\n

Federal pandemic funding is expiring. Inflation and interest rates are climbing. The risk of an economic downturn is real.<\/p>\n\n\n\n


Ethan Dewitt, New Hampshire Bulletin
December 11, 2022<\/p>\n\n\n\n

A string of state commissioners\u00a0<\/strong>filed into the State House hearing room late last month, each with their own mission. For three days, Gov. Chris Sununu and his budget director would hold budget hearings. Administration officials detailed the progress within their departments and outlined their financial needs, making the case for more funding when Sununu crafts his budget next year.<\/p>\n\n\n\n

But before the proceedings began, Sununu gave a warning.<\/p>\n\n\n\n

\u201cI think there\u2019s a lot of opportunity on the table to be sure, but we also have to be cautious with where the economy as a whole could be going,\u201d he said.<\/p>\n\n\n\n

He continued: \u201cThere\u2019s really no way to avoid some form of a national recession. It is real. It is coming.\u201d<\/p>\n\n\n\n

Sununu isn\u2019t alone in that concern:\u00a0A report by Moody\u2019s Analytics<\/a>\u00a0in September highlighted what its authors called \u201ca crucial juncture\u201d for state governments. Propped up for two years with record flows of federal COVID-19 stimulus funds, state governments are about to see much of that funding expire. And with rising inflation and climbing interest rates intended to curb that inflation, the risk of an economic downturn is real.<\/p>\n\n\n\n

Preparing for that downturn, the Moody\u2019s report said, will be critical for state lawmakers in the next few years. The New Hampshire Legislature must pass its next two-year budget by July 2023; by tradition, Sununu will present his draft budget to lawmakers in February.<\/p>\n\n\n\n

But New Hampshire is among the five least-prepared states for a recession, the analysis concluded; if the state were to face a moderate recession, it could see an 18.1% tax revenue shortfall, one of the biggest in the country.<\/p>\n\n\n\n

Read the rest of the article HERE<\/a><\/p>\n\n\n\n


<\/p>\n","protected":false},"excerpt":{"rendered":"

From GraniteMemo.com full article HERE Federal pandemic funding is expiring. Inflation and interest rates are climbing. The risk of an economic downturn is real. Ethan Dewitt, New Hampshire BulletinDecember 11, 2022 A string of state commissioners\u00a0filed into the State House hearing room late last month, each with their own mission….<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-2036","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/townunderground.com\/index.php?rest_route=\/wp\/v2\/posts\/2036","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/townunderground.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/townunderground.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/townunderground.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/townunderground.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2036"}],"version-history":[{"count":0,"href":"https:\/\/townunderground.com\/index.php?rest_route=\/wp\/v2\/posts\/2036\/revisions"}],"wp:attachment":[{"href":"https:\/\/townunderground.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/townunderground.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/townunderground.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}