Giant Rocks in their Head

H/T the Fabulous Kate at Small Daed Animals: Let Me Fix That Headline For YouGiant Stone Heads Save Economy
Anyone considering the cargo-cult of Krugman Economics should realize that The Trillion-Dollar Giant Stone Head Coin is a phenomenological absurdity way-beyond rainbow-farting flying unicorns. Excuse me, “debt ceiling nonsense?”?? As if the debt were not real? And Greece is small city-state on the banks of the Nile. And we can open another Tax Account and “earn” an extra 1-Trillion Frequent Spender Miles – and buy a car AND get CASH BACK!?!?!??
Have they heard about California?

On Tuesday, California released a report that revealed state tax revenues have plummeted even further below Gov. Jerry Brown’s (D) estimates, even after residents voted to increase taxes via Proposition 30 in November’s elections.
At the end of November, “taxes were 3% short in the fiscal year that started in July,” which is “a gap of $936 million.” The state was 0.7% short a month before.
H.D. Palmer, a spokesman for the state’s Department of Finance, spun the poor numbers by saying Facebook’s stock vested earlier than expected, and “boosted October taxes higher, while decreasing November revenue.”

FACEBOOK? It TANKED. Have we descended into insanity so quickly?

According to the report, personal income tax revenues were “$827 million below the month’s forecast of $4.387 billion.” Sales and use tax receipts “were $9 million below the month’s forecast of $1.601 billion” and the year-to-date sales tax revenue was $8 million below forecast.

Where did all the millionaires go who they were going to tax into prosperity? Again, from the report directly:

Sales and use tax receipts were $9 million below the month’s forecast of $1.601 billion. November cash includes a portion of the final payment for third quarter sales, as well as the first prepayment for fourth quarter sales. Year-to-date, the sales tax cash is $8 million below forecast.
Corporation tax revenues were $175 million below the month’s estimate of $88 million. Prepayments were $9 million below the forecast of $87 million and other payments were $70 million lower than the $154 million that was anticipated. The month’s refunds were $96 million over the projected level of $153 million. Year-to-date revenues are $441 million below estimate.

And for the penny-ante game:

Revenues from the estate, alcoholic beverage, tobacco taxes, the vehicle license fee, and pooled money interest were $2 million below the month’s forecast of $40 million.

Maybe we should issue our own California-Currency to back up the Giant Stone Head money…


About NotClauswitz

The semi-sprawling adventures of a culturally hegemonic former flat-lander and anti-idiotarian individualist, fleeing the toxic cultural smug emitted by self-satisfied lotus-eating low-land Tesla-driving floppy-hat wearing lizadroid-Leftbat Califorganic eco-tofuistas ~

8 thoughts on “Giant Rocks in their Head

  1. I left California in the late 80’s. I wasn’t from there, just based there. Part of me missed it, the valley, even with all the winter fog, the mountains, the drive up through wine country along the coast. Now, I am seriously glad I sold my home and got out when I did. But don’t make me pay to bail them out, even if some good folks still live there.

    • The late 80’s was when we were young! 😉 The utter insanity of the idea, and the fact that people are even acting like it is serious proposal – it ties into Kevin’s repeated assertion that every so often, whole Civilizations go bat-shit crazy…

  2. Thud:

    If you can afford to leave now, do so. Otherwise, CA will make it financially harmful for you to leave in the future. They will be getting very desperate for funds in the not too distant times. It’s possible you may have to abandon any property owned in CA to leave, as no one will be in a position to buy anything. Why wait for the crowd, get your money out now. You could consider renting, if you like it so much, but buy property some place else. And try to avoid big cities, or being too close to them.

    CA lost 1/3 of those residents that had a million dollar income back around 2000, when they hit them with a tax. I wonder how many they lost with the latest taxes?

  3. My home in W.C. should be sold in the next 2 weeks and I’m having to think hard if I should buy in CA again.In the last 10 years my dreams of relocating have been dashed as Ca begins to resemble just what I had hoped to escape from.My kid sis in Napa will be unhappy but my big sis in Utah is making encouraging noises.

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