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02-11-2022
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the indiana state budget was $35.9 billion for the 2001-2003 biennium and 68.1 billion for the 2017-2019 biennium. the price deflator was 0.83 for the the 2001-2003 period and 1.16 for the 2017-2019 period, with a base year of 2009. what was the average annual rate of increase in nominal spending between the 2001-2003 biennium and the 2017-2019 biennium? the number of years between the two time periods is 14; i.e., consider the time between the end of one biennium to the beginning of the next.

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