June 19, 2009

We warned housing bubble states like Arizona that their income tax receipts would collapse. Well, guess what. They collapsed.


Nobody could have seen it coming!

Yeah, right.

16 comments:

consultant said...

Arizona is beautiful, but it is also an imcredibly backward state. More like Missisippi in the desert without the southern accents.

But, every part of the USA got rolled just like Arizona. They were just rolled big time.

Over the next 3 years, the Phoenix area is going to change in some very undesirable ways. No more golfing trips to "the valley of the sun".

Batman said...

Florida?

casey said...

California seems shocked thier tax receipts fell off a cliff.They are going to tax for for breathing soon.You are polluting the air with co2, how dare you.

Anonymous said...

Does anybody doubt we have had a 25% contraction? What do we call it?

DMP

swannster river said...

Inflation or Deflation?

http://tinyurl.com/ms4jo9


In addition, Mish (a pretty smart feller) is convinced it's deflation.

Anonymous said...

Feels like we are in limbo.

Limbo.

Limbo.

Mammoth said...

No state income tax here - it is the drop in sales tax revenue that is hammering Washington State these days.

And no, I am not spending one cent more than necessary, so they'll have to get their tax money from somebody else, or do without.

-Mammoth

Stuck in So Pa said...

I was at a political breakfast two years ago and was laughed down by the local state rep when I got up to speak (think Glenn Beck wannabee, just not as ridiculous to look at, but still a weasel) and I bought up the housing/credit bubble. When I predicted the upcoming sh*tstorm I got "That will never happen here, economic basics are sound in PA. and especially in this (his) neck of the woods!"

Sound familiar!

I wish I had this chart then!

Anonymous said...

Drill here. Drill Now!

Hell No You Pricks! Gas prices just went down last week. Hurray. Party time again!!!

Fast forward 10 months. Holy Crap we're screwed. I can't fill my tank. Who can I BLAME? Don't they know I live paycheck to paycheck?

-Retarded Americano

Anonymous said...

The crafty crew of public serpents here in CO has managed to raise property taxes, yes RAISE them, even though RE prices have declined substantially since the last assessment. The county clerk claims that by law, she is required to use 2008 valuations, and if property owners don't like it, well the line forms at the rear.

Anonymous said...

The states are getting desperate. We operate our business out of AZ but had some employees at a branch office in Texas in 2007. We closed that office at the end of 2007 and had absolutely nothing left in the state of Texas for them to tax or administer.

We received a letter yesterday demanding payment of unemployment taxes, fines, and interest for 2008! According to TX, we owe them the money because we never officially told them on form XYZ-B that we closed the office. I called their enforcement office and told the nice lady to look up the word nexus. She told me they were referring our "delinquent" file to the AG's office. What a crock of shit!

Stu said...

Can you say "Bail Out"

While we watch our states go belly up one at a time starting with CA and then AZ and MI will be next and so on… we have an administration that continues to spend like a drunken sailor!!! What a complete moronic way to run a country.

1. Borrow and borrow money until we can’t afford the interest payments let alone the debt it’s self… CHECK!
2. Print money like there is no tomorrow, but when tomorrow comes we have hyperinflation set in that completely destroys our currency… CHECK!
3. Put budgets in place that assure we will stay in debt as a nation for decades to come… CHECK!
4. Offer up enough treasuries that in essence, will leave the country owned by foreign nationals… CHECK!
5. Put massive plans into place like Healthcare that we cannot afford that will ultimately cripple the existing industry and our current way of life… CHECK!
6. Bail out every company and industry that is insolvent due to reckless spending and piss poor management… CHECK!
7. Continuously break our countries laws (bond holders, IG firing etc.) and totally destroy our existing constitutional way of life… CHECK!

We are not only ruining our country and its future prosperity, but we are insuring investors both here and abroad, will not invest their dollars into our country any longer. Who would invest in a country that is insolvent, has no rule of law, has a currency that will hyper inflate in the not too distant future, and has no long term strategy or policies in place to assure our countries survival not to mention our ability to grow and prosper once again some day.

We are nearing a point of no return and we may not have the time to wait for 2010 to stop the madness.

What do we do then?
How do we change the silly stupid behavior of our politicians?
What can we do to stop this short of rising up in arms against our own Government?

I don’t have the answers but I will assure you that at some point, if this continues, the people of this country will awake from their American Idol / McDonalds slumber and revolt. If this current situation is left alone to play out and Fraudbama and his administration get passed everything they have on the table, this will not end well at all…

consultant said...

"..we have an administration that continues to spend like a drunken sailor!!!"

Yes, yes. Bush and Cheney made a fine example.

How much has the Iraq War cost so far?

And where is Osama Bin Laden?

Anonymous said...

Stu,
You left one out:

Circumvent the constitution through the discretionary appointment of "Czars" to enforce the President's will - Check.

Markus Arelius said...

I'm holding some stones standing in my rented glass house here in California.

It might provide Arizona some consolation to know that California is far more f&%ed in this category than Arizona is.

11.85% unemployment in CA and tens of millions in Alt-A recasts on the way.

But yeah, Arizona's legislature is full of real estate lackeys, so what do residents expect?

Stu said...

Consultant, I agree Bush was not much better in terms of spending, but he NEVER did what this clown is doing in regards to the constitution and the rule of law.