Mish Using Words Like Bloodbath!!!!!!
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.