Report: Florida budget vastly unprepared for next recession

The sunshine state faces a not so sunny outlook if, or more to the point, when, the next recession descends upon the state.

That’s because Florida lacks adequate revenue to manage an economic downturn without raising taxes or cutting services, according to a new study from Moody’s Analytics. If a moderate recession were to hit the U.S., the report shows, Florida would face a total shortfall equal to 5.6% of its total 2019 revenue. That’s the 10th worst outcome nationwide.