A.G. Gancarski
Gov. Ron DeSantis isn’t guaranteeing that a recession is coming. But he does think the state is better situated than most for an economic “slowdown,” if it happens.
“(During) the Great Recession, we did worse than most other states on that. We got hit harder because so much of the economy was built up in real estate speculation,” DeSantis said during a speech to the National Rental Home Council.
“I think this time, because our economy’s much more diversified, I don’t think that we’ve had necessarily the same factors that happen leading into that. If we do have a slowdown, I think we’ll do better than other states around the country, not going to be immune to it, but I think we’re positioned to do better.”
Former Treasury Secretary Larry Summers and JPMorgan Chase CEO Jamie Dimon believe a recession is likely, and most conventional wisdom is with them.
“Now you have markets. There’s different things going on with the markets. So I don’t know how that all is going to shake out,” DeSantis added.
Yet DeSantis believes that strong fiscal management will help the state weather the impending storm.
“In the Great Recession, the Florida Legislature raised taxes on people and the Governor at the time signed it. Well, we’ve quadrupled our state’s rainy-day funds since I’ve been Governor,” DeSantis said.
“So if you do have a situation where the revenue is not coming in as well, need to plug a hole, we’re not going to be doing any raising taxes. You take a little bit of money from the rainy-day fund, plug it in and you’re good to go. So we’re built for the long haul. We’re built really strong and I think we’re going to be able to weather if there are storms on the horizon.”
8 comments
Andy
April 9, 2025 at 1:56 pm
Your China made White boots will cost you more!
Peachy
April 9, 2025 at 2:02 pm
Of course we can weather the storm. Just like we ignored many of those stupid rules put in place during Covid at Demo states. Memories of wet sand, dry sand Garcetti.
ScienceBLVR
April 9, 2025 at 2:43 pm
Now you have markets. There’s different things going on with the markets. So I don’t know how that all is going to shake out,” DeSantis added.
Such a brainiac, this one..
Wonder how many Florida visitors use retirement savings when they visit.. Uh oh..
MarvinM
April 9, 2025 at 4:16 pm
Yeah, reading this did not make me feel in any way safe and secure.
In fact, it only made me have more questions, such as what is this rainy day fund he says he quadrupled (and how) and what is it really called in the Florida budget?
There is a situation coming where it is very likely that revenue will not be coming in the same as it has before (tourism generally, specifically from Canada) and there will be revenue holes to fill. I noticed DeSantis said there would be no new taxes, but he didn’t say no new fees or increased fees. That’s been the Republican governors and legislators favorite Go-To to fill budget holes. Look at you car registration fees as just one example.
But those can only fill little holes. If Trump does even half of the stuff he wants to, Florida will have super huge holes to fill (Education, Medicaid, FEMA etc.).
I pity the next governor whoever it may be. They are going to have a difficult job.
Peachy
April 9, 2025 at 7:14 pm
Where did you get your education? Think you are smarter than a Harvard and Yale alum? I’d pay money to watch that debate.
Peachy
April 9, 2025 at 7:15 pm
Not for Marvin. For The science lady
MH/Duuuval
April 9, 2025 at 8:53 pm
Peachy also believes in the Tooth Fairy. No harm is coming to Social Security or Medicare.
Medicaid, now that is another story.
And, there’s this headline tonight, a sign of MAGA self-love: “Social Security abandons DOGE-led phone service cuts amid chaos, backlash”
Chaos. Putin is loving this, eh?
TJC
April 13, 2025 at 3:38 pm
Ah, there you go again Mister Impeachy. When they are Democrat grads of Harvard or Yale, you call them out of touch elitists. When they’re Republican, they’re really smart guys.