Massachusetts needs rainy day money after lawmakers took $2.2 billion from the fund
The state has about $1 billion in its rainy day fund, which is not enough.
Lawmakers have taken $2.2 billion from the state’s rainy day fund over the past last three years, leaving the state unprepared should an economic downturn occur, reports The Boston Globe.
The rainy day fund, also known as the “stabilization fund,’’ is money set aside for the state should the economy tank. The $2.2 billion was used to pay for state services such as health care and education, according to the Globe.
The fund currently has about $1 billion. A report from a top fiscal watchdog says the state needs $2.5 billion to $3 billion in the fund to be properly prepared, reports the Globe.
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Boston City Hall through the years:
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