Study Reports NC Spending Could Reach 40 Yr Low
According to a study released this week by the North Carolina Budget and Tax Center, state spending has the potential to fall to its lowest level in nearly 40 years. The study shows that a “cuts-only” approach—or even a majority-cuts approach—to the $3.3 billion revenue shortfall facing state government would drive state spending to the lowest level, as a share of state personal income, since 1972.
“Such historically low levels of state spending would cause severe harm to North Carolina’s vital public structures, even as the enduring impact of the recession continues to elevate the need for state services,” the report concludes.
