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Post by jeffolie on Oct 11, 2007 11:44:34 GMT -6
California Retail Sales and Use Taxes Based on sales tax revenue, it now appears that the California economy is in recession. Click on graph for larger image. The graph shows the September retail sales tax collections (and fiscal year through Sept) since 1998. The large decline in 2001 was related to the '01 recession, the tech bust, and 9/11. Here are the numbers: California Retail Sales and Use Taxes Sept 2007: $2,038,416,000 Sept 2006: $2,201,717,000 September sales tax revenue was off 7% compared with last year. Source: California Statement of General Fund Cash Receipts and Disbursements calculatedrisk.blogspot.com/2007/10/california-retail-sales-and-use-taxes.html
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Post by unlawflcombatnt on Oct 11, 2007 17:11:07 GMT -6
This was an interesting article. Not only does it provide evidence that California is in recession, it also provides links to the current California State budget deficit-- which is HUGE. Below is a modified copy from page 3 of the Budget report, showing a 3rd quarter California budget deficit of -$10.160 billion. The deficit is shown in red. The 3rd quarter deficit would leave an annualized -$40.5 billion deficit. The quarterly "disbursements" of $32.749 billion give an annualized expenditure total of $131 billion. (Other sources put California's budget at an annualized $145 billion.) The $131 billion number would make the deficit -31% of the entire budget. California's State budget is completely out of control. The tax cut-and-spend policies of the Bush administration are shared by California legislators, Republicans and Democrats alike.
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