34 states saw tax collections decline in the first quarter of 2010. State budget deficits projected well into 2010 – Plunging tax revenues reflect a weaker economy dragged down by pervasive unemployment and underemployment. $112 billion in state budget gaps for fiscal 2011.
Big states with dismal budget short falls like California and New York have been making the news for the last couple of years. Yet the problems with state budget deficits go beyond the big and mighty. The banking system has been stabilized at a very high cost to average Americans but state budget deficits reflect […]
$100,000 a Year Will Make you Go Broke with the California Tax System: Why California is a Fiscal Disaster. Broken Tax Structure built on Bubbles.
It is amazing how little attention on a national scale the California debacle is getting. California alone is the 8th largest economy in the world and contributes $1.8 trillion a year to the national GDP. In the mainstream press, all you hear is sound bites of “there goes California” yet the state is teetering on […]
Gross Domestic Product: 40 Percent of the United States GDP comes from 5 States; California, Texas, New York, Florida, and Illinois.
Our gross domestic product contracted in the third quarter of 2008 and is contracting in the forth quarter. There is very little doubt surrounding that. The National Bureau of Economic Research put the start date of our current recession at December of 2007. Simply looking at the employment patterns and trends it appears that this […]