Turns out, it's not only traders and retirees heavily invested in the stock market who are worrying about the European debt crisis these days.
Massachusetts legislative leaders emerged from a meeting with the governor this week talking about how the depressing news from the old country is dampening the prospects for the Bay State's economy.
"If things continue to decline in Europe, we are going to get some of the after-effects here in Massachusetts," House Speaker Robert DeLeo told reporters. That means slower job growth and fewer retail sales, which translates into less sales and income-tax revenue for the state and less local aid for cities and towns.
Monday, a group of fiscal experts offered their less-than-merry revenue forecasts to a joint meeting of the House and Senate Ways & Means committees. "The small growth in tax revenues will put great strains on the fiscal 2013 budget with increases in nondiscretionary spending outpacing the additional revenues available," Michael Widmer of the Massachusetts Taxpayers Foundation testified.
The slow recovery here and fiscal crisis across the pond are in stark contrast to the boom times being experienced in Brazil, where Gov. Patrick spent a week earlier this month. He's looking to expand on trading opportunities with the South American nation.
Sounds like the Massachusetts economy could use a boost, whether it comes from Las Vegas or Rio de Janeiro.
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