TALLAHASSEE, Fla. --- John Kennedy, Tallahassee bureau chief for the Orlando Sentinel, posted a grim analysis of Fla.'s economic trends Sunday that's perhaps most laudable for its subtlety.
"This is a big deal, a very big deal," said economist Chris McCarty at the University of Florida's Bureau of Economic and Business Research.
...In fact, some economists say Florida is teetering close to a recession. They say home values could fall as much as 15 percent this year, sparking a general economic decline.
These days economists come in two flavors: pessimist and diet pessimist. University of Central Florida economist Sean Snaith, left, is diet, but with a big squirt of Marie Antoinette syrup:
"There's definitely a lot of hot air leaking out of the souffle because of the housing market, but I don't see a recession," said Sean Snaith, [left,] an economist at the University of Central Florida.
"Still, it's going to be a couple of years before housing and the economy comes back."
In six weeks, Fla. legislators will convene in Tallahassee to cut as much as $1.1 billion from the budget. Most cuts will come from programs funded by $29 billion in general revenue---mostly tax proceeds.
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