Video: Oregon's 2009-11 biennium faces about $3 billion shortfall | StatesmanJournal.com | Statesman Journal

Grim news, but no surprise to me.  Here's what I said 1 1/2 years ago (September 2007) about the Oregon economy and recession:

Oh -- in Oregon, the market hasn't been hit as badly.  Some people say that's because we have a different economy here and it didn't get overblown and we won't be hurt as badly.  BS.  We just have a have trailing economy so the boom started later, won't go as high, and will end later.

I just forgot to add: and hit us harder, as it usually does.

Oregon's 2009-11 biennium faces about $3 billion shortfall:

"The perfect storm is here, and Oregon is feeling the recession more than other states," State Economist Tom Potiowsky said to lawmakers assembled in the House chamber.

Potiowsky said Oregon's economy may reach bottom sometime this year, but is unlikely to see much recovery before well into 2010.

“We’re basically falling into a pit, and we will hit the bottom sometime this year,” he said.