The good, the bad, and the state budget

Having survived yesterday’s celebration of being thankful for being able to survive dinner with the extended family, patriotic and heavily-turkeyed Americans shuffle forth on Black Friday to bolster the economy. And judging by the news  about the state’s budget in today’s Sacramento Bee, the economy can use all the bolstering it can get.

Four months into the 2007-08 budget year, state revenue is $1.1 billion below what was forecast. The decline can be seen in all major revenue streams – both state and local – including property, income, sales and corporate taxes.

It was just about this time last year that President Bush laid out his plan for keeping the economy strong: “… I encourage you all to go shopping more.” Those of you who remember 2001, will recall that more shopping was also the president’s main recommendation for citizens wishing to fight terrorism.

The malls await. You know your duty. Your country, and your state, need you.

Tags: budget projections, shopping, state revenue decline