Posted on 03/12/2009 11:32:18 AM PDT by mombyprofession
by Peter Luke | Lansing Bureau Wednesday March 11, 2009, 6:54 PM
LANSING -- Michigan residents bought fewer Michigan lottery tickets, cigarettes, clothes, restaurant meals and household goods, as they saw the stock market plummet and the economic outlook darken.
The sharp pullback in consumer spending sent sales tax receipts downward 18 percent in February, or more than $100 million. It will force Gov. Jennifer Granholm and lawmakers to cut the budget more, agree on tax increases or use more of the federal economic stimulus money to balance the state's books.
It was the steepest monthly decline in 25 years.
Overall revenue declines total $200 million from forecasts made just seven weeks ago.
Since income tax receipts from paycheck withholding were pretty flat in February, economists say concerned consumers may be putting away their credit cards and spending less.
"The big reason revenues are tanking is that consumers are negative and they're saving their money," Senate Fiscal Agency economist David Zin said Wednesday. "We thought consumers would ratchet up the savings and they've done so even more than we thought."
Also down were tax receipts on specific forms of discretionary spending, according to the agency's new revenue report. Tobacco tax receipts were down 6.7 percent and casino wagering taxes were down 7 percent. Michigan Lottery ticket sales dropped nearly 19 percent. One factor that explains some of the decline from a year ago was that February 2008 provided a 29th day of sales.
Tax collections from the sale of real estate are down 42 percent from a year ago. While the focus of the state's economic woe is the auto sector, sales tax receipts from car sales actually climbed 15 percent last month.
(Excerpt) Read more at mlive.com ...
Granholm’s failures are only exceeded by her inherent stupidty.
“Well, lets tax em’ more”.
Not quite as “breathtaking” as Granholm’s stupidity.
“duh” seems appropriate
...this woman heads Obama’s “Economic Recovery” panel (or whatever he called it...)
Malt liquor sales remain strong!
LOL. He should take the public school kids to gambing places and get them smoking young
Are Michigan voters the dumbest in the USA yet?
Look at Detroit, use to have what 1.5 million people and now it`s about 800,000 residents.
What a s**t-h**e of a State.
Bath tub gin will make a comeback—LOL!
Instead of “Hail to the Chief”—Jenny takes the stage to “I’m So Ronery”....
Those houses being bought for $1... was that a myth?? I'd hate to see the hood its in
she is so dumb that she isn’t even good at being stupid
They’re selling for that because it will cost more to raze them than the land is worth post-razing.
Vice taxes not working. Governor suggest taxing virtue. 10% tax proposed on savings, charity, and Bible sales. < /sarc, for now>
they should double taxes on all those things and then announce they are going to spend $250 billion they don’t have. That should boost the economy!!
Atlas Shrugged
must be such nice neighborhoods!
Yep. Wearing glasses doesn’t change the fact she’s enacted liberal economic theories that were discredited in the 1970’s, that have done what most thought was impossible.
Made the economic situation in Michigan EVEN WORSE than it was the day she was elected.
And yet, the Democratic Party keeps trotting this airhead out as a ‘expert govenor’ as they did just this morning on MSNBC.....
Just wait until the Big Three collapse. They’ll have to dust off that billboard from Seattle and take it to Michigan.
Wait just a minute you two-bit excuse for a Governor! Michigan is a UNION paradise, a LIBERAL paradise, owned and operated by Democrats for the last 45 years. Yet Detroit is a bombed out Dresden look-alike, the car manufacturers are out of business, the school drop out rate is beyond belief, taxes are absurdly high, and YOU’RE RESPONSIBLE you pathetic HAG!
Who says ‘slight’ tax increases do not affect behavior?
Still, I do not think the fools will get the message.
They could start taxing sex. Every male will be mailed a STOKE O METER. .10 cents per stroke.
i used to think this canadian socialist feminazi was just a typical libtard, but it is far worse than that...clinical progression is idiot, imbecile, moron...this piss poor excuse for a thinking human being could not even begin to operate on the moron scale...hell, if breathing was not an involuntary reflex, she would die outright..... and yes, i am now blown away!!!!
America is stuck with a Kenyan. Michigan is stuck with a Canadian
State? I thought it was the islamic province of Canada. Can you say “house of cards”, boy and girls?
Wait until the Federal SCHIP taxes kick in on April 1st and the price for a pack of cigs goes up $.61. Smokers will cut back even more and all states will collect less in tobacco taxes.
Next, I bet they decide to repeal any laws that allow home brewing.
I’ll take ‘How To Tell People Are Fleeing Your State’ for $100 Alex.
My cigarettes in the Socialist Republic of New Jersey are now over $9.00 per pack.
Michigan is their vision of success.... permanent liberal empowerment
OMG!! REDUCE SPENDING!!! Not a chance that will be the first option. Raise taxes on the "wealthy" - that is always a good vote getter
cut the budget more, agree on tax increases or use more of the federal economic stimulus money to balance the state’s books..Once out of 3 ain’t bad..just kidding/sarc.
Atlas is beginning to shrug...
Vice taxes not working. Governor suggest taxing virtue. 10% tax proposed on savings, charity, and Bible sales. < /sarc, for now>
you mean quran sales...
I wish. I’m using my bath tub for cheese making!
” It will force Gov. Jennifer Granholm and lawmakers to cut the budget more, agree on tax increases or use more of the federal economic stimulus money to balance the state’s books. “
Wait a second. I thought that stimulus money could not be used as an operating expense.
Mostly Hondas and Toyotas.
Buy Nothing Until This Guy’s Gone
Here’s hoping NY is next.
Stopped buying lottery tickets a long time ago, hitting the casino is a rarity and we buy smokes on the reservation for 9.50 a carton.
NY isn’t getting an extra dime in taxes out of us if we can help it.
Ping.
Somehow, I know which of the three choices will be taken.....
I’d hate to see the hood that’s in it!...........................
Tobacco revenues being down does not indicate less people are smoking. Many may have cut down but they are still smoking. The high tobacco taxes also have created a huge black market. Most of the loss is with the big cigarette makers which all states are all in partnership through the Master Settlement Agreement. The MSM funds are now down in the tens of millions a year in states similar in size as Michigan. Most of this nonsense comes out of the “political correctness” class. Tax the hell out of “political correctness”. The PC crowd are all for taxing and spending other peoples money. If they were given a choice to belly up to the bar and pay, or go away, they would go away!
Move to Florida! You can get cancer much cheaper here!..................
Amen to that!! .6166 federal and .35 state here in KY. I quit. I’m suffering, but I quit.
Well, there are fewer Michigan residents, right?
Are they the dumbest? That would be an interesting poll - MI, MA, IL, or CA.
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