Recovering from the Great Recession in the U.S. and Nevada
Recovering from the Great Recession in the U.S. and Nevada
Recovering from the Great Recession in the U.S. and Nevada
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5/23/2011<br />
Spend<strong>in</strong>g cuts have more<br />
effect than tax <strong>in</strong>creases.<br />
It should <strong>the</strong>refore be no<br />
surprise that when SLGs<br />
are cutt<strong>in</strong>g as <strong>the</strong> Feds<br />
are spend<strong>in</strong>g, <strong>the</strong><br />
economy does not<br />
recover very fast.<br />
What happened to <strong>Nevada</strong>?<br />
• Gam<strong>in</strong>g was a susta<strong>in</strong>able model, until monopoly ended.<br />
• Las Vegas ma<strong>in</strong>ta<strong>in</strong>ed growth by build<strong>in</strong>g new properties, but<br />
gam<strong>in</strong>g/hotels/tourism still a fall<strong>in</strong>g share of state economy.<br />
• Rapid construction was not susta<strong>in</strong>able: build<strong>in</strong>g homes for o<strong>the</strong>r<br />
construction workers, dependent on California bubble.<br />
• Low educational atta<strong>in</strong>ment: supply <strong>and</strong> dem<strong>and</strong>.<br />
• Relatively undiversified economy: little public <strong>in</strong>vestment.<br />
• State <strong>and</strong> local government revenues reliant on gam<strong>in</strong>g tax,<br />
narrow-based sales tax.<br />
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