The Northeast Mississippi Daily Journal Editorial, 11/18/8
As bad as the current economic downturn is – and all agree it is bad – state Economist Phil Pepper says the recession in fiscal years 2001-2002 was much worse for Mississippi.
Dr. Pepper – just had to say that one time – believes the economy will begin to pick up late next year. And more important, he does not believe it will be as bad as it was in the early 2000s for Mississippi.
Remember, in fiscal year 2002, state tax collections were 2 percent less than they were the previous year. That was the first time in memory that state tax collections were less than the previous year.
And truth be known, state tax collections remained sluggish – compared to the explosion in the 1990s caused mostly by the advent of casino gambling – until after Katrina hit in late August 2005.
The state again experienced double digit tax collection increases thanks in large part to the literally billions of dollars poured into the state to rebuild after the massive storm.
Magnolia Tribune
