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Slowing Ecomony
- The nation's top economic policy makers say the economy has worsened, but could turn around with help.
- The Federal Reserve has cut key interest rates in recent months, and further cuts are widely expected.
- Economists believe we're in an economic slowdown, but it is not known how long it will be or how deep.
- 25 states are facing deficits in 2008 and 2009, including California, New York, Arizona and Florida.
- The General Assembly's "overly optimistic" revenue projections (according to CGFA), and the revenue slowdown, have resulted in a Fiscal Year 2008 gap of $750 million.
Rising costs are hurting families
- Over the past 5 years, costs for everyday items have skyrocketed:
- Gasoline - Up 94%
- Heating your home - Up 52%
- Electricity - Up 20 - 28%
- Bread - Up 200%
- Milk - Up 36%
- Wages have not kept pace.
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