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Moreover, using the Rainy Day Fund now is appropriate because we might be in a recession. Those determinations are made after-the-fact. If we are not already there, there are strong signs that we are moving in that direction. As noted by Secretary of Finance Wagner, the latest monthly forecast by Global Insight puts the probability of a national recession at 40 percent. The revenue estimating committee in Maryland says that the risk of recession in Maryland is approaching 50 percent. Goldman-Sachs says that California, Nevada, and Florida are already in recession.
Also, drawing down the Rainy Day Fund could, in a small way, help reduce the
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