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We are so fucked

State expects $1.4B less in tax revenue; more cuts expected

[The state's chief economist Arun] Raha sees no indication things will turn around soon. "The Great Recession is turning out to be a never-ending nightmare," he said. "I truly wish I could assure you this nightmare is about to end, but I see no end in sight."


This story fills me with despair. We are well and truly fucked. We are plummeting downward, and there is apparently no bottom.

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( 11 comments — Leave a comment )
holyoutlaw
Sep. 16th, 2011 06:32 pm (UTC)
Will there ever be a point at which the politicians realize we need to increase revenue in a non-regressive form? I wonder.

(I can't even bring myself to follow the link.)
randy_byers
Sep. 16th, 2011 06:40 pm (UTC)
Perhaps when American voters stop electing anti-tax zealots? (Ed Murray is proposing that a tax package be presented to voters next year to cover the revenue gap.)
(Deleted comment)
randy_byers
Sep. 16th, 2011 11:24 pm (UTC)
I try to remind myself that we never know enough to be either optimistic *or* pessimistic about what's going to happen. I shouldn't post about this stuff, because my understanding is so limited. Ah well, I guess we all have to bleat sometimes.
wrdnrd
Sep. 16th, 2011 11:47 pm (UTC)
My understanding is likewise limited, and yet i also feel that we are reaching the point of being well and truly fucked. Where else can we cut??
(Deleted comment)
randy_byers
Sep. 17th, 2011 02:05 pm (UTC)
No, your comment didn't come across as critical. Just a good reminder.
kalimac
Sep. 17th, 2011 06:26 am (UTC)
And the ridiculous thing is that we could be well on the way to solving all these particular problems, by the simple application of a robust dose of the economic theories of J.M. Keynes.
randy_byers
Sep. 17th, 2011 02:11 pm (UTC)
Can't remember who it was that blogged this week about the BRIC countries looking to save the eurozone from collapse. Could we have some help too, please?
k6rfm
Sep. 17th, 2011 05:54 pm (UTC)
The problem is the Cliff Notes version of Keynes is "run balanced or small-surplus budgets in times of normal demand, run deficits during demand crunches." Bush basically did "run huge deficits in times of normal demand", which starts us off in such a big hole nobody is brave enough to build a long enough ladder.

The good news, of sorts, comes from the Reinhart and Rogoff "It's Different This Time" book. What we are suffering through is a very typical aftermath of a financial crisis. The good news is countries do work through it and get out. The bad news it takes about 8 years, and we're only 3 years in.
randy_byers
Sep. 18th, 2011 02:30 am (UTC)
Thank you for this, which seems like an eminently sane view, even if it isn't very reassuring in the short term. Why the EU is opting for austerity is something I haven't seen explained. China is the only country I know of that has gone full-tilt Keynesian, which maybe means Keynes is easier to adopt in a one-party system.
( 11 comments — Leave a comment )

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