PITTSBURGH TRIBUNE-REVIEW: State leaders are bracing for the possibility of a second recession as tax revenue that continues to fall below expectations threatens to drag Pennsylvania’s budget back into the red.
The state collected $250 million less than expected during the past three months, Revenue Secretary Dan Meuser told 40 members of the Penn Hills Chamber of Commerce on Wednesday at Edgewood Country Club. Pennsylvania Department of Revenue economic forecasters say there’s a 35 to 40 percent chance the economy will fall back into recession next year, Meuser said…
Other economists, however, put the odds of a recession lower. The University of California at Los Angeles’ Anderson Forecast, one of the most widely read in the country, recently predicted no recession through 2013, though UCLA economists expect the jobs picture to remain bleak…. (more)
