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Fiscal Notebook - 2MB
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Technical Note: All inflation adjusted figures throughout the Fiscal Notebook were computed using an implicit price deflator for total state and local government expenditures. The representative market basket measures state and local government wages, durable and non-durable goods purchases, other services, and fixed capital consumption. This government index is a better reflection of the State's responsiveness to relative price changes than other traditional measures, such as the CPI, PCE, or PPI. Government expenditures are proportionately different than those identified in other market baskets and should be treated separately.