Posts Tagged ‘budget gaps’

10 States In Deep Fiscal Trouble

10 States In Deep Fiscal Trouble

Courtesy of Mish 

Dropping tax revenue, rising unemployment and yawning budget gaps are wreaking havoc in states from Arizona to Wisconsin, a new report shows.

CNNMoney reports 10 states face financial peril.

The same economic pressures that pushed California to the brink of insolvency are wreaking havoc on other states, a new report has found.

The 10 most troubled states are: Arizona, California, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island and Wisconsin.

Other states — including Colorado, Georgia, Kentucky, New York and Hawaii — were not far behind.

The list is based on several factors, including the loss of state revenue, size of budget gaps, unemployment and foreclosure rates, poor money management practices, and state laws governing the passage of budgets.

In a separate study released Wednesday, the Center on Budget and Policy Priorities found that states will likely have to make steep cuts in their fiscal 2011 budgets, which start next July 1 in most states. That’s because the critical federal stimulus dollars will run out by the end of 2010.

These cuts could take nearly a percentage point off the national gross domestic product and cost the nation 900,000 jobs, the study found.

The Center on Budget and Policy Priorities, a liberal research group, says the states need additional federal fiscal relief to avoid budget cuts that will hurt both the economy and people. State and local spending accounts for about one-eighth of the GDP.

And in California, Gov. Arnold Schwarzenegger said Tuesday that his state is facing a budget gap of up to $7 billion. The state will likely announce across-the-board spending cuts in January.

"So we just have to hang in there, tighten our belts and live within our means," he said.

The center would like to see the federal government allocate another $50 billion, while economist Mark Zandi said about half of that would be needed. Congress should pass the additional aid now since states are currently crafting their fiscal 2011 budgets.

Budget projections show that states could face deficits as large as $260 billion in 2011 and 2012 after stimulus funding is exhausted. State economies usually take up to two years longer to recover after the nation’s fiscal health begins to improve.

New budget cuts and tax increases "will be a serious drag on the economy at just the


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Tax Revenues Slump as the US Budget Deficit Soars

Tax Revenues Slump as the US Budget Deficit Soars

Courtesy of Jesse’s Café Américain

Income Tax revenue is taking a drop commensurate with the kind of slump which we are experiencing in domestic GDP.

US Government Monthly Tax Receipts

But there is a bull market in government spending. This does not include much of the support being given to Wall Street banks and other ‘off balance sheet’ shenanigans.

budget gaps

Thanks to Escape From America Magazine for these charts.


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ValueWalk

Clem Chambers Explains How ADVFN Became A Financial Information Juggernaut

By Jacob Wolinsky. Originally published at ValueWalk.

Clem Chambers, the CEO of ADVFN and the CEO of Online Blockchain plc was kind enough to talk with Valuewalk about the success of his investment website. Below is a lightly edited Q&A between Clem and our editor.

Q2 2020 hedge fund letters, conferences and more

Can you tell us about your background?

I started in the software industry over thirty-six years ago and was a pioneer of computer games, massively multiplayer games, multimedia and the internet. I founded internet company Online plc in 1990, which incubated stocks and shares (and now ...



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Phil's Favorites

Bombshell Report: Fed Is Aware that Big Banks Are Rigging their Stress Tests and Letting Them Get Away with It

Courtesy of Pam Martens

Randal Quarles, Vice Chairman for Supervision, Federal Reserve, Testifying before the Senate Banking Committee on May 12, 2020

On January 31 of this year, researchers for the Federal Reserve released a study that showed that the largest banks operating in the U.S. have been gaming their stress test results by intentionally dropping their exposure to over-the-counter derivatives in the fourth quarter. The fourth quarter data is the information used by the Federal Reserve to determine surcharges on capi...



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Kimble Charting Solutions

Doc Copper Bear Market Resistance Kiss In Play!

Courtesy of Chris Kimble

Is ole Doc Copper about to ends its 9-year bear market? I suspect we will find out the answer to the question very soon!

Doc Copper has created a series of higher lows inside the falling channel (1) since it peaked back in 2011.

The rally from the lows in March of this year, has Doc Copper testing the top of its falling channel as well as a support/resistance price zone at (2).

With Doc Copper still in a bear market (lower highs for 9-years), this price test comes into play as important resistance at (2).

If Doc Copper breaks out at (2), it would send...



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Zero Hedge

Global COVID-19 Pandemic Surpasses 20 Million Confirmed Cases: Live Updates

Courtesy of ZeroHedge View original post here.

Summary:

  • Global COVID count tops 20 Million
  • Cali sees "encouraging signs", Gov Newsom says
  • "Big Ten" cancels season
  • California reports 7,751 new cases, says it has fixed reporting issues
  • NJ transmission rate shows virus no longer spreading in state
  • Arizona COVID outbreak continues to slow; ICU rates decline again
  • NY reports just 2 COVID deaths ...


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Chart School

Silver Big Channel

Courtesy of Read the Ticker

Big channels are the sand pit of price action. Lets review some big trends of these past months.


GLD
- Moving higher to upper solid red line channel


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XAU
- Ready to pause, or simply explode.



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SILVER
- Ready to pause, or simply explode.


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Biotech/COVID-19

How to use ventilation and air filtration to prevent the spread of coronavirus indoors

 

How to use ventilation and air filtration to prevent the spread of coronavirus indoors

Open windows are the simplest way to increase air flow in a room. Justin Paget / Digital Vision via Getty Images

Courtesy of Shelly Miller, University of Colorado Boulder

The vast majority of SARS-CoV-2 transmission occurs indoors, most of it from the inhalation of airborne particles that contain the coronavirus. The best way to prev...



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The Technical Traders

Melt-Up Continues While Metals Warn of Risks

Courtesy of Technical Traders

What a week for Metals and the markets, folks. The Transportation Index is up nearly 4% for the week.  The Dow Jones Industrial Average is up over 3% for the week.  Silver is up over 14% and reached a peak near $30 (over 23%).  Gold is up over 2.5% and trading above $2025 right now – with a peak price level near $2090.  If you were not paying attention this week, there were some really big moves taking place.

MELT-UP WITH HIGH RISKS – PAY ATTENTION

Overall, our research team believes the current “melt-up” price action is likely to continue as global investors continue to believe the US Fed will do everything possible to save the...



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Digital Currencies

Raoul Pal: "It May Not Be Worth Owning Any Asset Other Than Bitcoin"

Courtesy of ZeroHedge View original post here.

Authored by Turner Wright via CoinTelegraph.com,

Raoul Pal, CEO and founder of Real Vision, says Bitcoin may soon become his only asset for long-term investments.

image courtesy of CoinTelegraph ...



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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



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Members' Corner

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

 

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

No matter the details of the plot, conspiracy theories follow common patterns of thought. Ranta Images/iStock/Getty Images Plus

Courtesy of John Cook, George Mason University; Sander van der Linden, University of Cambridge; Stephan Lewandowsky...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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Promotions

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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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