Economists are predicting a recession is inevitable given the inflationary trend underway and what it will require from policymakers to deal with that problem.
State Sen. Greg Albritton (R-Atmore), the Alabama Senate General Fund Budget Committee chairman, also insists a recession is inevitable.
During an appearance on this week's broadcast of Alabama Public Television's "Capitol Journal," Albritton said the state was better prepared this time than it was last time, back in 2010.
However, he said preparation might not be enough to avoid some problems that could stem from a recession.
"Yes, we're going to have another recession," Albritton said. "The question is when. There are arguments made every day now that we are already in one. And if so, I don't have the answer to that. Technically, we won't know that answer until the end of this month. But we feel it as far as individuals. We know we can't purchase what we thought we could purchase, and it is causing us to change our habits.
"Recession, if it is not here, it will be here soon. We are more prepared now than we were back in 2010. If you recall, it was those years that was the last time we had proration in the state. Our intent and our prayer is we do not suffer that problem. We've made every effort on the state level with savings accounts, with the way we've managed the monies, the way we estimate our budgets, the procedures that we use to try to protect the state from going through that trial."
Albritton added that even the measures they've taken won't be enough depending on how long the recession lasts.
"But that depends on how long that lasts, how deep it goes," Albritton said. "All the preparations in the world may not be enough. Our concern from the budget side of the state is we've got to prepare for as bad as we can imagine it to be if that makes sense so that we can be prepared for whatever comes. We're trying to do that. We're trying to make sure that Alabama remains economically sound for the benefit of the state and all of our employees and all of our people."
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