Posted 1/16/2024, 5:40:32 PM
Georgia forecasts economic slowdown in 2024, but massive reserves fund Kemp's election-year spending plans
- Georgia's fiscal economist forecasts a mild recession likely in early 2024, but massive budget surpluses have allowed the state to build up reserves
- Tax revenue growth has slowed in Georgia after 3 years of skyrocketing growth during the pandemic
- Governor Kemp has proposed billions in new spending on tax cuts, pay raises, and infrastructure while sitting on $16B in reserves
- Kemp's budget relies on drawing $2B from reserves and projects lower tax revenue intake in 2024-2025
- Democrats are skeptical of the budgets, saying Kemp has underestimated revenue to allow election year spending from surprise surpluses