H/T the Fabulous Kate at Small Daed Animals: Let Me Fix That Headline For You…
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…