|Unleash Prosperity Hotline |
|1) It Turns Out States Are Rolling in Revenues Thanks to the Stock Market Boom|
Democratic governors and mayors are pouting that they didn’t get the hundreds of billions in slush fund dollars from Congress that they have been on their hands and knees praying for.
But the Reason Foundation examined the latest data and found states aren’t nearly as revenue-drained as claimed.
Reason made this eye-opening revelation: “The new Census Bureau’s quarterly state and local tax data show virtually no change in collections for the first 9 months of 2020 vs 2019.”
Even California, whose pols in Sacramento have done all they can to cripple the state economy, is seeing revenues after 11 months “running ahead of 2019.”
Wait there is more. Here is an analysis on state finances from Census data as reported by Bloomberg:
“California’s budget watchdog said the state was poised to pocket a windfall of some $26 billion. Just as New York and Connecticut had revealed weeks earlier, tax revenue was coming in at a clip no one expected, thanks in part to the booming stock market. And so it has largely played out across the country this year, albeit to a smaller extent in many of the less well-to-do states. The fiscal apocalypse expected to blow massive holes in state budgets hasn’t come — at least not yet.”
The tech-led stock market boom is causing an explosion of taxable capital gains and dividend income worth tens of billions of dollars to states and city coffers. Remember this the next time you here soak the rich. Soak the rich? That’s exactly what’s already happening as the wealthy are carrying the states and cities’ finances on their shoulders.
|2) November Unemployment by State: It’s the Lockdowns, Stupid!|
Congratulations again to Nebraska and Governor Peter Ricketts for leading the country with unemployment at just 3.1%. Here is the ranked list of states:
And what an incredible achievement by South Dakota and its Governor Kristi Noem, who didn’t buckle during peak virus and showed it’s LOCKDOWN that causes the economic damage.
New Jersey beats out Nevada for the cellar.
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