A key takeaway from the latest Oregon Economic and Revenue Forecast, presented to Oregon lawmakers yesterday, is this: Additional federal aid is crucial to avoid a deeper, longer recession.
“Unfortunately, due to budget cuts, your Oregon Promise Grant has been revoked.”
That’s the notice sent to about 1,000 Oregon students recently, following the Oregon legislature’s decision to cut $3.6 million in tuition assistance for students planning to attend community college. Now, with classes set to start, these students must scramble to figure how to pay for college.
There is no good time for a new tax break for millionaires, but especially not during the worst economic crisis in nine decades, a time when so many Oregonians hang by a thread. And yet Oregon’s rich — a predominantly white club — are on course to cash in new tax breaks, unless the Oregon legislature blocks them.
The number of children seeking food at the Kids Korner, a food pantry in Bend, has nearly doubled this this year compared to the same period last year, The Bend Bulletin recently reported. Triggered by the coronavirus crisis, the sharp rise in food insecurity in Central Oregon mirrors the struggles of families all across the nation — a situation that demands renewed, robust congressional action.
Already suffering from the ills brought on by the coronavirus pandemic, Oregonians could soon endure rounds of teacher layoffs, diminished resources to fight wildfires, and fewer resources to protect foster children and vulnerable seniors. There is a serious risk of these and other harms coming to pass, as the state grapples with deep revenue shortfalls caused by the coronavirus economic crisis. In the blink of an eye, $1.9 billion vanished from the state budget (the Oregon General Fund). Even bigger revenue shortfalls are projected for the next two budget periods.
Until recently, it looked as though a tax subsidy for wealthy investors would finally have its day of reckoning. Oregon House Bill 4010 sought to pare back and make more transparent the so-called “Opportunity Zones” tax break.
The first television sitcom, Jackson and Jill, aired in 1949. It featured a family structure reprised in many TV shows to follow: a working husband and a stay-at-home wife .
Fans of the classic kids’ television show Schoolhouse Rock will remember How a Bill Becomes Law, the animated music video explaining the legislative process.
At a time when so much of the nation’s wealth is concentrated in the hands of so few, some Oregon lawmakers are making it their priority to further boost the fortunes of wealthy families.
To find the way forward, it often helps to look at the past. That’s certainly the case when it comes to tax policy. Rather than rely on preconceived notions, it’s essential to examine the real impact of significant policy changes.
© Oregon Center for Public Policy 2023
