Tax Revenue Down….Way Down in California
Chriss Street has been right about California’s finances for over 25 years and is looks like he’s right about the down hill slide into economic disaster again. In what appears to signal the demise of California’s government financial security is now in the open as never before seen.
For week the Legislative Analyst Office has been using financial reporting “gimmicks” to lesson the blow to the public. Gimmicks no more as seen in the graphs below.
Classic LAO “gimmick” as is show in the graph below which is structured on a five year analysts of whether there will be a recession. The chart would have you believe there is no forward looking issues with a recession based on the past five years. But when you consider the $70 billion stimulus received two years ago and know that there will be no stimulus in the future this chart becomes useless.
