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Mish has provided a great commentary on the Center on Budget and Policy Priorities report that State Budget Troubles Worsen. In essence 44 states face budget shortfalls and they are estimated to persist until 2011. I think the states will be lucky to see the economic pressure ease by then. Most people do not understand the scope of the FRN$ Ponzi Scam.
Government always spends more than they take in. Rarely is government spending ever cut. This misallocation of capital and waste of resources is extremely damaging to society. Nevertheless, those costumed in governmental regalia seem to think that they provide some type of value to society and that they are justified in lying, defrauding, intimidating and murdering any who disagree with or oppose their immoral conduct. In almost all cases, governmental officials violate the Non-Aggression Axiom.
The State budget shortfalls will only continue to erode. The more misallocations of capital are made and the more of society’s resources are wasted the longer and more painful the Greater Depression will be. It is only through governmental intervention that the misallocations of capital happened to this large of a degree.
The United States has long been a socialistic country that thinks they are capitalistic. For decades America has had a centrally planned economy through the unconstitutional legal tender laws and illegal Federal Reserve which attempts intervention of both the money supply and cost of money. Government holds no solutions and is only making the situation worse the same way they did with the Great Depression.
How are the financial parasites going to continue their misallocation of capital and wasting of societal resources? Well, they are going to lie, cheat, defraud, intimidate and murder in order to steal wealth to waste. The following video is a great example of it happening. Because all bankers are liars and frauds they should not be trusted.
For those in Pennsylvania who have lost the contents of their safe deposit boxes I would recommend checking auctions from the seller ‘pastatetreasury’ on EBay.
Delaware appears to be exceptionally proud of their increased revenues. For examples these quotes come from the State of Delaware Comprehensive Annual Financial Report.
From page 10: “Key elements of the increase in net assets are as follows:
Total general revenues increased overall $168.1 million (5.1%) with significant increases in tax revenues and interest income. In addition, strong growth in … abandoned property collections, helped offset decreasing personal income tax growth.”
From page 14, ”Other non-tax revenue increased in fiscal 2007 by $66.3 million (16.9%) due to continued strength in abandoned property collections, which grew $39.8 million (12.2%).”