James Myall, policy analyst with the left-leaning Maine Center for Economic Policy in Augusta, said that like the Great Recession from 2007 and 2009 that took eight years to recover from, this one will have a “long tail.”
The governor has called for departments to ready sweeping spending cuts in case no more federal aid comes to shore up a state budget that is facing a projected $1.4 billion revenue shortfall over the next three years. Myall’s group has called for reversing past tax cuts on wealthier Mainers as an alternative to cuts.
What the road ahead looks like for Maine’s economy
