TN's Revenues at Historic Low

Is this recession the worst in modern Tennessee history?

Despite the state's history of financial crises when the economy hits a recession, conservative legislators always countered that the state has never taken in less revenue than the year before—the financial shortfalls were prompted by increases in state spending.

Legislators say state officials have confirmed there has never been less revenue than the year before, since 1968, when reliable record keeping began. But this year, it's different. State budgeting officials predict Tennessee will take in less revenue this year than the year before for the first time.

Dr. William Fox, a UT economist who has frequently testified before legislators on budget matters and is a critic of the state tax system, agreed with the less revenue assessment, on WATE's Sunday talk show with Gene Patterson.