Expert Warns Of Slowing Economy

Wednesday, December 19th 2007, 6:13 am
By: News On 6

OKLAHOMA CITY (AP) -- An expert is warning of an economic slowdown and is urging state lawmakers to keep that in mind when they craft the state budget next year. Oklahoma State University economics professor Mark Snead says he expects job and income growth to continue slowing next year, but not as much as the rest of the country because of insulation offered by the energy industry.

Snead told members of the state House Appropriations and Budget Committee Tuesday that he's not ready to say a recession is near.

Committee chairman Chris Benge of Tulsa also offered a preliminary budget look for fiscal year 2009.

The state Equalization Board is scheduled to certify the amount of money the state Legislature has to spend on December 27th.

Benge says despite the outlook, the state is in a good position should an economic downturn occur.

The Rainy Day Fund is filled to the maximum with $571 million.