DeSantis: Florida prepared if U.S. heads into recession

Florida GOP Gov. Ron DeSantis, when suggesting President Joe Biden’s economic policies will "plunge the United States into a recession," says Florida will be prepared.

At a news conference this week on state funding for Lee County, DeSantis said that while inflation continues to worsen, Florida's economy is strong, with revenue exceeding expectations.

"For the month of April, it’s our current estimate that the state of Florida brought in about $760 million above estimate," he said. "We consistently have been over-performing that. That means that the fiscal surplus for fiscal 21-22 is going to be by far the biggest surplus in the state.

"By the time the fiscal year ends June 30th, we’ll have well over $20 billion in surplus between the unallocated general revenue fund balances and our budget stabilization fund."

"That’s what you call being a good steward of people’s money. We’re built for the long haul."

DeSantis also pointed out the state has no income tax and very low tax burden.

"There’s nothing in the foreseeable future that would change that trajectory," he also said about the state's economy. "It’s important that we govern that way because I think it’s very likely that Biden is going to plunge this country into a recession.”

The Bureau of Labor Statistics’ March Consumer Price Index reported an 8.5% increase in inflation from the previous year, the highest in 40 years.

Chief Financial Officer Jimmy Patronis said one way Florida can weather an economic downturn is for DeSantis to veto expenditures in the budget. 

DeSantis has already announced that he was going through the budget line by line to exercise his line-item veto authority. The funding for projects he’s been announcing are those he’s already approved in the budget, he said.