During times of economic recession, it can be challenging not only to predict where the economy is heading, but even to understand the current state of the economy. It is difficult for citizens, business leaders, government managers, and policymakers to know how to respond when they aren’t even certain how significant the problem is. This is currently the situation in America and in Utah. In Washington D.C., the Senate has been unable to agree on a stimulus package proposed by the President, with some members arguing that the economy has already turned around and others pressing for tax cuts and spending increases to provide an economic boost. Similarly, some state legislators are debating whether Utah is in recession, if any of the state’s “rainy day fund” should be spent to balance the budget, and if some type of stimulus plan, such as accelerated bonding for highway construction, should be adopted.
Economic Recessions, Taxes, and Utah: Lessons Learned From the Past
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