The Bureau of Finance and Management told the Appropriations Committee last week that sales and use tax revenue will drop 3.3% in Fiscal Year 2024 compared to FY 2023:
The Legislature cut sales tax from 4.5% to 4.2% as of July 1, so if consumer spending stayed the same, sales tax revenue would drop 6.7%. Evidently BFM expects that consumer spending in South Dakota will increase this fiscal year by 3.6%. That’s well below the average annual growth in taxable sales over the past decade of 6.8%, which suggests that if South Dakota’s economy was booming over the past decade, it will only half-boom in FY2024.
I am pretty sure this is a “conservative” (also known as pessimistic, scariest, worst case-basis) estimate.
Meanwhile the republicants do not want to talk about Bidenonmics.
https://www.nationalreview.com/the-morning-jolt/the-economy-that-republicans-dont-want-to-talk-about/
John, the line I’m hearing from some Democrats abioout the economic success of Biden/Bidenomics is, “Numbers don’t lie, but Republicans do.” It is amazing how a strong Democrat engineered economy pays so little in political approval.
It was James Carville who famously said, “It’s the economy, stupid!” Carville was an elections strategist for then-Governor Bill Clinton, and he helped Clinton beat President George H.W. Bush in 1992 in the midst of a recession that left many Americans out of work and in debt.
*post above was from GOOGLE.com – calm down DaveEffYou. 😁