Seriously....What the Heck is GDP???
November 22, 2009
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Tax collections tumbled 11% across 44 states in the third quarter, according to a report that suggests government revenue will remain depressed long after the economy has recovered from recession.
Every major source of state tax revenue -- sales, corporate- and personal-income taxes -- fell in the third quarter compared with the same period a year ago, according to a report to be released Monday by the Nelson A. Rockefeller Institute of Government at the State University of New York.
Based on a number of CAPs analysis, we know that sales for S&P 500 companies were down materially in the third quarter....we also know that small business got clobbered in the third quarter and confirming all of this is a double digit decline in taxes.....even with states heavy dependence of relatively sticky property taxes which have little correlation to production of goods and services.
Despite all of the above, we are supposed to believe that the economy grew in the third quarter and economists bought into this???? No wonder economists must be vetted by the Fed if they hope to have any recognition in their profession.
This is the same crew who brought us the job loss/wage cut recovery when 70% of GDP is the consumer.
The sheep keep getting herded......but few really listen. If the Fed and economists are simply lying, what are we being set up for????
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