As the state released its quarterly economic forecast, and despite massive infusions of federal dollars for COVID relief as well as enormous federal borrowing to buoy a fragile economy and stave off economic downturn, Governor Brown took credit for whatever positive was in the economic forecast.

“Thanks to the fiscally responsible decisions the State of Oregon has made over the last several years, we are well positioned with significant reserves to weather any economic challenges that lie ahead. Now, we must continue to make investments to benefit Oregon’s working families, so that all Oregonians can feel the benefits of our strong economic recovery.

“With rising costs of living continuing to impact Oregon families and businesses, the Legislature can, in the budget for the next biennium, build on the investments we made in the last session -- particularly in housing, workforce development, behavioral health, and child care. “And, thanks to the work of Oregon’s congressional delegation and the Biden-Harris administration to pass the Inflation Reduction Act and the Bipartisan Infrastructure Law, we can continue to invest federal dollars to lower costs and create jobs for working families.”

“Oregon’s economy is still strong. Oregon Senate Democrats’ investments in housing, education and childcare are showing results. The market is stabilizing and our budgets continue to reflect our success. We are driving down costs for everyday Oregonians and providing investments and opportunity for every community around the state," said Senate Majority Leader Rob Wagner (D-Lake Oswego). "The responsible and fiscally smart leadership of Oregon Democrats have left us with the largest budget reserves in Oregon state history,” failing to recognize the impact of massive federal spending. Senate President Peter Courtney (D-Salem) took a more sobering line. “Our economists say Oregon is doing well. Not all Oregonians feel the same way. We should invest in our communities carefully… and stay on our toes. If there is a downturn, Oregon will be ready.”

Oregon House Speaker Dan Rayfield (D-Corvallis) issued a rosy statement. “The Oregon economy continues to be fundamentally strong. Hiring has increased, our unemployment rate is near its lowest level on record, and we hold record reserves following years of sound fiscal management by Democratic leadership. After a session in which we made critical one-time investments in all corners of the state, we’ll keep prioritizing the issues Oregonians care most about like housing, behavioral health support, abortion access and more.”

House Majority Leader Julie Fahey (D-Eugene) used the occasion to take a swipe at Oregon producers. “Today’s revenue forecast demonstrates steady growth in our economy and shows why we must continue to invest in working and low-income Oregonians, as well as small businesses, which make up 99.4% of all businesses in the state. When corporations and the wealthiest of Americans are raking in the largest profit margins since the 1950s and have received generous tax break handouts, it’s past time we build an economy that works for everyone -- not just those at the top. [[ADS_SLUG4]] “That means focusing our investments on driving down cost of living, addressing the ongoing affordable housing crisis, creating stronger schools, improving our childcare infrastructure, and supporting small businesses. These investments will help all Oregonians prosper, not just now but in the years to come. Because we know that when everyone has economic opportunity and the resources they need to thrive, we are all stronger and better for it.”


--Staff Reports

Post Date: 2022-09-07 11:40:44

Last Update: 2022-09-07 18:37:01