PORTLAND, Ore. (AP) — A state economist says Oregon's economy will slow because of its aging population.
A senior economist with the Oregon Office of Economic Analysis, Josh Lehner, says projections call for growth to slow to 10 percent in future years, because aging baby boomers will spend less money.
During times of economic expansion, state revenue usually grows 16 percent during each two-year budget cycle.
The Oregonian reports (http://bit.ly/1rzK0Tf ) the aging trend is expected to affect state income taxes and other taxes and fees, including hunting licenses, tuition, gas taxes, and alcohol and tobacco sales. That could affect Oregon's ability to pay for education, transportation and social services.
Lehner says seniors 65 and older spend 27 percent less than 55-to-64-year-olds in all categories except health care, reading, and gifts and donations.
Information from: The Oregonian, http://www.oregonlive.com