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This Governor’s Recommended Budget for the 2005-07 biennium represents a new way of budgeting for Oregon. Instead of basing recommendations solely on expenditures of the past budget cycles, the Governor based his recommendations on how these investments will position Oregon for the future. However, as we plan for the future, it is important to understand the history and to identify the patterns that contributed to the trend of fiscal insecurity that has developed in Oregon over the past decade.
To reverse the trend of instability, we must understand the answers to two fundamental questions:
- What were the economic issues and drivers that resulted in one of the worst recessions in Oregon’s history?
- What happened to the revenue that the state collected during the thriving economic times of the 1990’s?
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