From the Beacon Hill Institute’s testimony before the Senate Ways and Means Committee:
In FY 2005 tax revenues grew by 7.1%, while state spending grew by a prudent 3.1%. However, in the ensuing three years the state increased spending at a rate faster than the growth of tax revenues. Specifically from FY 2006 to FY 2008, tax revenues grew by 20.7%, while spending grew by 24.6%. Had spending grown at the same rate as revenues, FY 2008 spending would have been $27.74 billion, or $300 million less than actual spending. This disconnect between the growth of tax revenues and spending is one source of our current problems.
Someone help jog my memory… Gov. Patrick took the reins from Gov. Romney when?
Things don’t look to bright for the future either: