Here’s hoping that the $33.3 million drop in expected state tax revenue collections in December was due to the bad weather and not the slowing national economy. Due to higher than expected collections from July through November, the state’s revenue estimate for this fiscal year is still on target. But if the December drop is part of a downward trend, expect a painful legislative session this year.
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13 Comments
Who can afford anything with gas prices finally hitting the stores and utilities, and the cost of things going up substantially. Here, conservative policies are finally coming home, and it will be a hard hard fall.
Ever notice the Eagle is only concerned about government income and never spending?
The collections were higher than expected then lower than expected.
Seems the Department of Pulling Numbers Out of Your A$$ don’t know what they are doing.
Business Definition for: Business Cycle
* a regular pattern of fluctuation in national income, moving from upturn to downturn in about five years
I am afraid this down cycle is going to be severe due to the meltdown in the finanical sector. We have had excessive stimulus from easy credit creation. A war. Massive speculation in residental and commercial real estate. Useless tax cuts for the rich.Party is over time to pay the bills.
All I can say about this downturn in state income. Stop spending money on ineffective programs. The Sexual Predator Treatment Program at Larned Ks. is one of them. The courts or no one else can prove that it is a program that is working and it is costing about 24000000. a year to keep these men there and I would like to know why.
Things are tough all over. The Dollar is in a steady but slow decline. Just a matter of time before it’s a steady but rapid decline.
But remember, it’s our PATRIOTIC DUTY to go out and spend and spend until there is nothing left. So can we need to stop complaining about the shortfalls in revenue? Because that’s very Un- American of us.
Consume for freedom!!!
For some reason the legislature is always suprised when they collect too much or too little. The right to tax is not the right to spend foolishly.
annie
There has been very little real estate “speculation” in Kansas. Be careful not to generalize national and state economic matters.
The total, nationwide “subprime mortgage” problem is only a small percentage of total stock market capitalization.
In Bill Clinton’s last year in office, we saw the “tech bubble” burst, with the “dot-com” problems. Clinton did sue Microsoft, at the start of that melt down. Still, what government program could have “prevented” that bubble?
In hindsight, was it not a good thing to have all of that “venture capital” money chasing after new ideas, even if many of them did not work out?
Today, is it not a good thing that many people were able to get their own house, last year, that would not qualify, today?
When credit is tight, liberals complain about “discrimination” and how “unfair” the system is.
Yes, there IS a business cycle.
You seem to want to politicize that business cycle, a cycle that can not be legislated out of existence.
Good grief Econ,
Pull your head out of your overly optimistic ass. Look around, look at all the empty office space downtown. Look at the 1st. month free rent signs at the apartment complexes. Check out how long the average house stays on the market. Go to foreclosure.com. There is a new sub division down the street from me, the builder has new homes up for rent. Walk the dog check your neighbors trash for new boxes from the retail stores. The consumers are maxed out though not that bad in Wichita with aircraft plants doing well.Do your homework before your stick your foot in that big gaping pie hole.
annie
You are talking down the economy.
And you are doing a bad job of it.
Things are NOT that bad.
Read Kudlow:
[bad link]
In financial markets, “Bull markets climb walls of worry” it is said.
There are ALWAYS problems, somewhere in the economy. I encourage you to show me otherwise. Show me a time when NO sector of the economy was feeling any pain, would you?
Again, my POINT is that you bring up the phrase “business cycle” as if that makes you a student of such, but then you INGORE said “cycle” in order to try and fix political blame!
Employment, or the gross number of people ON THE JOB is at an all time high.
Federal tax revenues remain at an all time high.
I did not say things were perfect, I am simply saying, “Let the markets work” (as they are).
sorry bad link there, try this one:
http://article.nationalreview.com/?q=MDFlMzUwODVkOWEzZGIyYjI2OWFmMTE5NGQ3Mjg4Mjk=
The $33.3 million revenue drop, it must be from all that non-smoking crap that been going on here lately.
Econ,
I’ve watched Kudlow on cnbc, read his blog, notice he closed the comments. Goldman Sachs says were already in a recession. Goldilocks is dead she has been eaten by the 3 bears. Try Barry Ritholtz over at Big Picture he almost nailed 2007 to the decimal point.
If things aren’t bad how the fed is expected to drop fifty basis points every time they have a meeting. If it’s not bad how come the dollars so low.How come countrywide the largest mortgage biz in the US is ready to go into bankruptcy? How come the dow is off 1200 points?
If you want to trade on ideology good luck with that.
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