The Bankwatch

Tracking the consumer evolution of financial services

“We are less than 50 days away from a meltdown of State government”

California might just be the forerunner of a trend here.  The single largest impact of the new smaller world we have entered is reduction in tax revenues, and with Government costs higher than before, the need for deleveraging applies to Government too.

MISH’S Global Economic Trend Analysis

California State Controller John Chiang says California 50 Days From Financial Meltdown.

….

Personal income taxes were $475 million below (-23.0%) estimates in the May Revision. Corporate taxes were down $84.4 million (-25.8%), and sales taxes fell by $109 million (-3.3%).

Researched by Nobuyo Henderson

Written by Colin Henderson

June 11, 2009 at 23:34

Posted in US

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