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Mon May 18, 2009
CFG Says KY Economy B-A-D
By Tony McVeigh
Frankfort, KY – Housing starts in the U-S haven't been this bad since 1945. Light vehicle sales, which have been averaging around 16-to-17-million a year, are below nine million. Even used automobile sales are off. It's gloomy out there, says Larry Lynch, who chairs a panel of economic experts advising Governor Beshear and legislative leaders. "It is pretty glum, as we heard today."
Now that the Consensus Forecasting Group has a grip on the leading economic indicators, the panel will meet later this month to offer new revenue projections on which to base possible state budget revisions. Governor Beshear, who believes the state could be facing a deficit topping one billion dollars, is considering calling a special session to address the situation.