If you would like to be added or dropped from the Michigan ping list, please freepmail me.
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 ...
My county is among the dumbest of them all. 70% Obama, 29% McCain. Thank you Ann Arbor and Ypsi.
Or Heroin or Meth if you’re in some of the rural areas. It’s bad everywhere.
My refrigerator pooped out the other day. Thankfully I keep very little food on hand that requires refrigeration. My brother gave me a little dorm room sized fridge that is sufficient for now.
I haven't decided whether I'm going to fix the one I have, buy a used one or just try to get along with the little one.
You could buy (or get free) used off of craigslist.
If you would like to be added or dropped from the Michigan ping list, please freepmail me.
Yea, Tax increases! That’ll teach those damn Tax payers who didn’t spend.
if they were smart, they offer immunity to arsonists next devil’s night.
Only in blue states under the current socialist regime.
LOL! Now that's what I call creative thinking. Obama should hold an urban arson summit.
Sorry for the interruption, carry on.
or maybe they could invite various SWAT teams, special forces units, BATFEces, FBI, etc to come pratice in detroit. rent out a city block for a couple thousand a day and let them wreak as much havok as they wanted to.
double win :)
Hey some Socialist slug in NY just proposed a tax to go to strip clubs!
I like the idea of voluntary taxes rather that confiscatory.
Which part of the twilight zone do you live in?
That'll just push people toward Tantric sex.
I have been rolling my own cigs. for over 4 years to beat the high taxes. Now Lansing and DC are imposing a horrendous tax on loose tobacco.
I’ve decided the only way I can hurt these socialist pukes is to quit. Once my tobacco stock is gone I’m done.
Let these f’ing idiots extort someone else!
It’s sh!thole.
Once my child is out of High School in about 7 years I’m outta here.
I’ll be giving the finger as I cross the nearest border and I will never be back unless my kid decides to live here (He’s smarter than that).
are you kidding? waaaay too dangerous...Afghanistan would be safer
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