Doug Ross reports:
California and Greece have more than a few things in common, including the fact that their unofficial slogans are both “Ask Us About Our Death Spiral!”
Inquiring minds have noticed a huge plunge in California Tax Revenue for the month of February compared to February 2011…
That is a 22.55% plunge in spite of the fact that this February was a leap year adding a day to the calendar…To learn more about this situation, read the rest of the article.
Sadly, the contraction in income and wealth is inevitable when regulations, taxes and fees become unbearable. The incentive to work diminishes and the incentive to flee the taxing jurisdiction increases. People and capital flee CA while the legislative body continues to spend, spend, spend and tax, tax, tax. Its destructive policies are destroying the state. Revenues will continue to shrink as will population and corporate activity.
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