Question

Asked Sep 25, 2019

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The shrinking rainy day fund.

On October 5 2015 *The Boston Globe *published a story headlined "state's rainy day fund has dwindled over the past decade" that said (in part):

In the summer of 2007, before the massive recession began, the rainy day fund had $2.3 billion --a cushion of about 7.8 percent of total state spending, according to the Taxpayers Foundation. This summer the rainy day balance stood at $1.1 billion--about 2.7 percent of total state spending, a fraction small enough to raise a red flag for analysis.

What is the percentage change in total state spending between the summer of 2007 and this past summer?

Step 1

*Calculation:*

The total state spending as of summer of 2007 and this past summer is obtained as $29.49 billion and $40.74 ...

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