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Am I blue?

April 30, 2012

Wow, just wow.

From Hot Air

 How does California rank in terms of the average state and local tax burden?

California had the 6th heaviest tax burden in the nation, at 10.6%.   (New Jersey was #1, followed by New York at #2.)  That’s the in-state tax burden, of course.  Federal taxes are on top of that.

…  The Tax Foundation looks at five forms of taxation – corporate tax, individual income tax, sales tax, property tax, and unemployment insurance tax – to index the business climates of the 50 states.  By this combined measure, the Tax Foundation ranks California 48th in business climate.  (New York is 49th, and New Jersey 50th.)

State regulatory environment? George Mason University’s Mercatus Center ranks the Golden State 48th in the nation.  New Jersey and New York are numbers 49 and 50, respectively.

So….if you’re in California, you’re definitely blue

If you’re in one of the other traditionally ‘blue’ states, you’re just as blue.

Oh, but it isn’t just California. You see, the rest of the nation is following California’s lead – not the other way around

Bloomberg

“I think today we face the most predictable economic crisis in history,” he told an audience on April 24 at the Council on Foreign Relations –“Fortunately, I think it’s also the most avoidable. I think it’s clear, if you do simple arithmetic, that the fiscal path that the nation is on is simply not sustainable.”

Bowles, a Democrat, then laid on the crowd some pretty simple, but devastating, arithmetic. He explained that 100 percent of the tax revenue that entered the Treasury in 2011 went out the door to pay for mandatory spending — such as Medicare, Medicaid and Social Security — and to pay the interest on our staggering $15.6 trillion national debt.

That means that every single dollar we spent on everything else, including two wars, national defense, homeland security, education, infrastructure, high-value-added research and the like, was borrowed. “And,” he warned, “half of it was borrowed from foreign countries. And that is a formula for failure in anybody’s book.”

Given the track record of the administration in being able to perfectly time the impact of their policies – I’m curious if kicking the can down the road to some other administration is even possible, or if they’ll end up getting caught with a “whoops! did that policy result in ____?? It wasn’t supposed to do that (so soon)!”

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