On March 12, 2020, the regular session of the General Assembly adjourned after adopting a budget for the next two years. It is a budget that will take us forward and that we can be proud of, but there are caveats.
The biennial budget is built on projected growth over the next two years of three percent. The February forecast showed Virginia experiencing about six percent growth to date, so three percent seemed to be a conservative estimate. However, the stock market has fallen more than 25 percent over the last few weeks. We need to be concerned about the economy at this point for several reasons. Major forecasts are predicting a recession this year, so there are a few things we need to take into consideration. [Read more…]