Sunday, May 10, 2009

America, the Brave, the Beautiful, and the Broke

So here I am again, ranting and raving about the state of America's economy, and the effect it has globally. It is really funny honestly, I was watching an episode of King of the Hill, Season 5. (Circa 2001-2002) Peggy, one of the main characters, is in working real estate. Her son's friend asks her how selling houses is helping anyone. Peggy explains by saying, "Selling houses runs the economy. If people stop buying house, the whole world will fail financially." How funny that a cartoon is able to get it right, and predict, unintentionally, the financial downfall of the world.

So anyways, it is hard to argue with numbers. Huge numbers, such as the numbers this depression has been producing for us, are unimaginable, but happening now. President Obama was stating that the economy is now about to start climbing up. Pretty optimistic considering...

Massachusetts- April tax revenue came in $953 million, or 35%, less than a year ago. Officials had anticipated that revenue would fall, but it came in $456 million below their most recent estimate, made on April 15. The bulk of the shortfall came from a $905 million drop in income taxes.

Ohio- saw income tax revenue come in 22% below projections. Through April, income tax receipts are $397 million below the current estimate for fiscal 2009. It's the worst drop in the state's history. This means the state is facing a budget shortfall that could exceed $900 million.

Michigan- The State general fund revenues are projected to decline 21% from fiscal 2008, by far the largest one-year decline in at least 50 years. New estimates will be released mid-month. "The Michigan government can no longer afford to be all things to all people," Granholm said. "We expect to have to make more cuts like these in the future, which are the very type of wrenching cuts we have worked so hard to avoid in the past." (Granholm is the governor's adviser)

There is more and more. In Alabama, some counties are giving teachers an "I.O.U" on their paychecks. I wonder how long that will last when the government of Alabama says "Oh, we can't pay you, the economic situation didn't just go away like we planned."

Save while you can...It's about to get REALLY bad. And when things get really bad, the government gets rash and harsh. Be warned.

Read more here at CNN.com


(King of the Hill is one of my ALL time favorite, clean fun, 2nd longest animated series in Fox's history, behind The Simpsons. Watch it, support good animation and not the crap that is coming out, more and more these days.)

2 comments:

  1. I read some insightful, but worrying statistics about population in the Great Depression and now. (America I think)

    In the Great Depression, 90 percent of people were rural, and 50 per cent were self-sufficient in terms of food. 7 Million people starved to death.

    Now, 90 per cent are urban, and only 5 per cent are self-sufficient...

    Scary stuff!

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  2. wow nice i am gonna post that comment as a new topic lol

    ReplyDelete