State tax revenues continue to tank
This chart shows the difference in tax revenues between state and local collections, the latter of which mainly rely on property taxes rather than income taxes:
that “rebound” in Q4 that the RIG anticipates is a smaller decline, not an increase — in other words, a slowing of the rate at which it gets worse, not that revenues will increase.
The property tax thingy is going to be drooping like a topo map of the grand canyon in a short bit. Defaulted loans produce none tax paying properties. Both commercial and residential. Can't wait to see what this chart looks like around a bouts June.
When and if local and state governments wake up to smell the coffee, they will find the cupboard is bare and rely on an age old bail out program. Raise taxes! Reduce services!
Hang onto your hats. . .
The trouble with taxes is that you need an employed populace to actually collect taxes. . .
This from Cold Fury :
The “stimulus” scam continues to work as intended, getting 85,000 more of us out of the gainfully-employed category and onto the Wards O’ The State list:
WASHINGTON (Reuters) – U.S. employers unexpectedly cut 85,000 jobs in December, cooling optimism on the labor market’s recovery and keeping pressure on President Barack Obama to find ways to spur job growth.Unexpectedly? Who on earth didn’t expect it? Besides starry-eyed Barky bum-smoochers and ever-hopeful Leftists, for whom no reality is ever allowed to intrude on their sunny vision of the fruits of a centrally-planned economy, that is? Via Insty, Blog Prof runs the dismal numbers:
Uh – when sector A loses 10 jobs, but sector B gains 9, it’s still a bad economy regardless of what sector B did, no? As for the recovery – WHAT RECOVERY??? If they are talking about the GDP being positive in the 3rd quarter, that was due to increased government spending of money that we don’t have and are printing and borrowing. It’s not real!Nothing the fantasists, frauds, and wreckers currently in charge advocate ever is. Well, except the misery their muddle-headed program creates. Predictions: it gets worse. It stays bad for a very long time. Democrat-Socialists prescribe more of the same as a “solution.” And the ever-loyal liberal media will continue to be “surprised” by dire economic news, until we abandon this foolish statist experiment and get these commie cockbiters out of the way of prosperity once and for all — which is the only thing that has a prayer of ever turning the Obama Economic Disaster Express around.
