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alstry (35.42)

Mish Using Words Like Bloodbath!!!!!!

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October 29, 2009 – Comments (13)

Budget Bloodbath In Utah  

No one expected good news, but the real numbers were worse than projected. Taxes in numerous broad categories, for both state and local governments, were down. Springmeyer said, "I think we're going to have a budget bloodbath this next legislative session."

Overall, revenues fell 16 percent, totaling $275 million. Sales and use taxes, which fund general government and higher education, slumped 23 percent, nearly $100 million. Income taxes, which pay for public schools, slid downward $40 million.
Taxes on corporations, the franchise tax, were in free fall, plummeting 73 percent.

He said, "That's one that I think is probably the most scary. That means that businesses are way down, that means employment is going to be down."

None of this is hard to see....just difficult to accept.  It is simply Concentric Contraction accelerating due to Zombulation policies.  Costco accpeting food stamps.....Shell laying off 5000 this morning....Corporations not paying much taxes......sales taxes down by over 20%........cities, counties, and states pulling way back.

And the irony is we are just beginning this process.......  and supposedly the GDP is growing while we are still seeing over 500,000 claiming unemployment for the first time each week plus running a $2 Trillion dollar deficit????

How long do you think we can continue to shrink and the world keeps lending us $2 Trillion dollars so Costco and others can still have hundreds of billions of dollars of extra sales reported to shareholders????

It is not the end of the world, simply the end of the world as you know it.

11.10.9......When you knew you felt.

13 Comments – Post Your Own

#1) On October 29, 2009 at 8:47 AM, alstry (35.42) wrote:

If you didn't know, and you still can't feel....can you see yet????

China to pursue trade case against US automakers

 

China to launch investigation that could result in higher tariffs on US autos

http://finance.yahoo.com/news/China-to-pursue-trade-case-apf-2319840854.html?x=0&.v=4

Interesting......

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#2) On October 29, 2009 at 10:50 AM, jddubya (< 20) wrote:

Good thing Mish hasn't adopted Alstrymoronics... his success would no doubt be quite hindered.

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#3) On October 29, 2009 at 11:06 AM, leohaas (31.56) wrote:

One uber bear quoting another uber bear. What's the point?

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#4) On October 29, 2009 at 11:15 AM, alstry (35.42) wrote:

The point is about scoring points........what else would the point be????

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#5) On October 29, 2009 at 11:18 AM, booyahh (< 20) wrote:

Utah's budget? Huh? That's it ?!!! 

GDP increased at an annualized rate of 3.5% for the 3rd quarter.

Man, that must be driving the perma-bears nuts.

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#6) On October 29, 2009 at 11:19 AM, alstry (35.42) wrote:

booyahh,

May I suggest alstrybating on your stomach.....you look more presentable that way as you play with your keys.

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#7) On October 29, 2009 at 11:32 AM, Starfirenv (< 20) wrote:

So, how 'bout the the Phillies last night????????????????????

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#8) On October 29, 2009 at 11:58 AM, alstry (35.42) wrote:

Has anyone noticed how Star, boo, and jd all alstrybate around the same time together.....must be a swinging Aslstrybaters club.

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#9) On October 29, 2009 at 12:12 PM, jddubya (< 20) wrote:

NOW YOU FEEL!!!!!!!

LOL

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#10) On October 29, 2009 at 12:15 PM, davejh23 (< 20) wrote:

This is the state that was said to have the strongest economy in the country heading into the recession...below average wages, but an educated work force and low unemployment.  This Winter will be telling...Utah typically brings in a decent percentage of tax revenues from tourism (ski resorts). 

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#11) On October 29, 2009 at 12:21 PM, davejh23 (< 20) wrote:

"GDP increased at an annualized rate of 3.5% for the 3rd quarter."

Have you read any of these reports?  They attribute most of the growth to government spending, and even the Fed and Treasury doubt that the strength of the economy going forward.  Cautious statements from groups that are typically overly optimistic don't breed confidence. 

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#12) On October 29, 2009 at 12:22 PM, davejh23 (< 20) wrote:

"...doubt the strength..."

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#13) On October 29, 2009 at 12:35 PM, alstry (35.42) wrote:

Basically, 100% of the growth comes from welfare/govt spend expansion.

Imagine what the contracton woudl be if we weren't running the deficit?

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