Posts Tagged ‘Utah’

Budget Bloodbath In Utah

Budget Bloodbath In Utah

Courtesy of Mish

Hard decisions are in store for state and local governments in Utah as Government budgets worse than anticipated.

The state’s bleak finances appear to be even worse than previously thought. The revenue figures for the last three months show the economy is hammering government budgets.

Bob Springmeyer is the president of Bonneville Research. He has been doing economic analysis and planning for local government since 1976. When he saw the quarterly tax revenue numbers for the first three months — July through September of this fiscal year — he was stunned.

He said, "This is the first time I’ve seen this kind of dramatic drop across the board."

No one expected good news, but the real numbers were worse than projected. Taxes in numerous broad categories, for both state and local governments, were down. Springmeyer said, "I think we’re going to have a budget bloodbath this next legislative session."

Overall, revenues fell 16 percent, totaling $275 million. Sales and use taxes, which fund general government and higher education, slumped 23 percent, nearly $100 million. Income taxes, which pay for public schools, slid downward $40 million.
Taxes on corporations, the franchise tax, were in free fall, plummeting 73 percent.

He said, "That’s one that I think is probably the most scary. That means that businesses are way down, that means employment is going to be down."

It was the same story for local governments. Revenues from public transit, for instance, dipped $11 million. The transient room tax, which supports the Salt Palace and Convention and Visitors Bureau, was off 25 percent.

"Local governments and state government are going to have to make some really hard decisions," he said. "Are we going to raise taxes, or are we going to cut services?

The scary thing is not that tax revenues are plunging but rather the attitudes over what to do about it.

Springmeyer asks "Are we going to bond and do some of the capital improvements, build some of the schools, rebuild some of the capital things we need to get people back to work and get the economy churning again?"

The economy is NOT going to get churning again by spending more money than cities have. Building schools is not the answer when the cost of education is too high already. Building a school creates


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Where the President Goes, Coronavirus Follows: Analysis Shows Spike in Covid-19 Cases After Numerous Trump Rallies

 

Where the President Goes, Coronavirus Follows: Analysis Shows Spike in Covid-19 Cases After Numerous Trump Rallies

"These rallies offer a boost to the president's ego but risk leaving behind a trail of sickness and increased strain on local public health departments and medical systems."

By Kenny Stancil, Common Dreams

U.S. President Donald Trump speaks during a "Make America Great Again" campaign rally at Altoona-Blair County Airport in Martinsburg, Pennsylvania on October 26, 2020. (Photo: Saul Loeb/AFP via Getty Images)

Ha...



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Biotech/COVID-19

Where the President Goes, Coronavirus Follows: Analysis Shows Spike in Covid-19 Cases After Numerous Trump Rallies

 

Where the President Goes, Coronavirus Follows: Analysis Shows Spike in Covid-19 Cases After Numerous Trump Rallies

"These rallies offer a boost to the president's ego but risk leaving behind a trail of sickness and increased strain on local public health departments and medical systems."

By Kenny Stancil, Common Dreams

U.S. President Donald Trump speaks during a "Make America Great Again" campaign rally at Altoona-Blair County Airport in Martinsburg, Pennsylvania on October 26, 2020. (Photo: Saul Loeb/AFP via Getty Images)

Ha...



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Kimble Charting Solutions

Are the U.S. Stock Market Indices Facing Double Top Deja Vu?

Courtesy of Chris Kimble

Stock market volatility has turned higher as the month of October has wore on. And now that we are just one week away from the elections, it appears that investors are showing their uncertainty through the price action on the major U.S. stock market indices.

In today’s chart 2-pack, we look at “weekly” charts of the Nasdaq Composite and S&P 500 Index. Though not the same, they have a similar developing pattern. Perhaps one that leads to a 15%+ decline back in 2018.

Could History Be Repeating Itself?

Just as we saw in 2018, momentum is forming a bearish divergence this year at (1). Tha...



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Zero Hedge

As "Blue-Wave"-Mania Melts Down, "Large Lot" Traders Are Leaving The Market

Courtesy of ZeroHedge View original post here.

Are retail bagholders about to get "muppet"-ed again?

Nomura's Charlie McElligott warns that the “election narrative overshoots” continue to swing wildly on the imminent event-risk approach - and partially as a function of horrific market illiquidity, with banks / dealers on facilitation lockdown, as per Risk Management “VaR shock” muscle-memory from 4 yrs ago:

First, it was...



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ValueWalk

World Bank-Cambridge Study Reveals The Impact Of Covid-19 On Financial Regulators

By Jacob Wolinsky. Originally published at ValueWalk.

World Bank and University of Cambridge report highlights increasing digitalisation of financial services has accelerated the pace of regulatory innovation during Covid-19

Q3 2020 hedge fund letters, conferences and more

The World Bank and the Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge Judge Business School have today jointly published the results of their Global Covid-19 FinTech Re...



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Chart School

RTT browsing latest..

Courtesy of Read the Ticker

Please review a collection of WWW browsing results. The information here is delayed by a few months, members get the most recent content.



Date Found: Monday, 18 May 2020, 03:35:21 AM

Click for popup. Clear your browser cache if image is not showing.


Comment: Ooh so pretty, so pretty, ooh so!



Date Found: Thursday, 21 May 2020, 01:03:17 AM

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Comment: Charlie Lee: All Things Litecoin (#MimbleWimble, ...



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Politics

How to track your mail-in ballot

 

How to track your mail-in ballot

Make sure you know when your ballot is arriving, and whether it’s been accepted for counting back at your election office. erhui1979/DigitalVision Vectors via Getty Images

Courtesy of Steven Mulroy, University of Memphis

Many voters who want to participate in the election by mail are concerned about when they’ll receive their ballot – and whether it will get back in time to be counted.

The pandemic has caused interest in ...



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Digital Currencies

Bitcoin: the UK and US are clamping down on crypto trading - here's why it's not yet a big deal

 

Bitcoin: the UK and US are clamping down on crypto trading – here's why it's not yet a big deal

Where there’s a bit there’s a writ. Novikov Aleksey

Courtesy of Gavin Brown, University of Liverpool

The sale and promotion of derivatives of bitcoin and other cryptocurrencies to amateur investors is being banned in the UK by the financial regulator, the Financial Conduct Authority (FCA). It is a...



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Mapping The Market

COVID-19 Forces More Than Half of Asset Management Firms to Accelerate Adoption of Digital Marketing Technology

By Jacob Wolinsky. Originally published at ValueWalk.

There is no doubt that the use of technology to support client engagement initiatives brings both opportunities and threats but this has been brought into sharp focus this year with the COVID-19 pandemic.

The crisis has brought to the fore the need for firms to enable flexibility in client engagement – the expectation that providers will communicate to clients on their terms, at their speed and frequency and on their preferred channels, is now a given. This is even more critical when clients are experiencing unparalleled anxiety from both market conditions and their own personal circumstances.

...

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The Technical Traders

Adaptive Fibonacci Price Modeling System Suggests Market Peak May Be Near

Courtesy of Technical Traders

Our Adaptive Fibonacci Price Modeling system is suggesting a moderate price peak may be already setting up in the NASDAQ while the Dow Jones, S&P500, and Transportation Index continue to rally beyond the projected Fibonacci Price Expansion Levels.  This indicates that capital may be shifting away from the already lofty Technology sector and into Basic Materials, Financials, Energy, Consumer Staples, Utilities, as well as other sectors.

This type of a structural market shift indicates a move away from speculation and towards Blue Chip returns. It suggests traders and investors are expecting the US consumer to come back strong (or at least hold up the market at...



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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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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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Phil will discuss positions, COVID-19, market volatility -- the selloff -- and more! 

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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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