State Controller John Chaing continues to uphold the California Great Seal Motto of “Eureka”, i.e., ‘I have found it’. But what Chaing is finding as Controller is that California’s economy as measured by tax revenues is still tanking. Compared to last year, State tax collections for February shriveled by $1.2 billion or 22%. The deterioration is more than double the shocking $535 million reported decline for last month. The cumulative fiscal year decline is $6.1 billion or down 11% versus this period in 2011.
While California Governor Brown promises strong economic growth is just around the corner, Chaing proves that the best way for Sacramento politicians to hurt the economy and thereby generate lower tax revenue, is to have the highest tax rates in the nation.
California politicians seem delusional in their continued delusion [redundant] that high taxes have not savaged the State’s economy. Each month’s disappointment is written off as due to some one-time event.
My guess? They’re doing it wrong. As far as delusional goes, what were they thinking of bringing back Governor Moonbeam? We’re not really sure what the teachers unions are going to say about comparative layoffs in Progressive California as compared with the evil Scott Walker-dominated Wisconsin this election season, but we believe that the proggies will be four-square behind them.
It’s safe to say they’ve bent the curve. Go read the whole thing.
NB: Twitchy tried, but could not find any liberal Twitter reaction to this story as of posting time.