Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: JRI who wrote (96606)	4/19/2001 10:02:28 PM
From: yard_man	Read Replies (2) of 436258

JRI, regarding consumer spending -- I know you've probably heard this story before, but worth noting if you haven't. Tonight on NPR they talked again about Bush's tax cuts in TX and how they were awash in revenues a couple of years ago, but not now -- two culprits -- much lower sales tax revenues and rising medical costs. Apparently Texas is not the only state aghast at their sudden reversal of fortunes among states that depend on sales tax as a significant part of their tax revenues .... Three things are coming together right now and making the consumer hit the wall -- 1) very rapidly rising cost of living -- everyone here knows that BLS lies and/or excludes energy and food in their price inflation measures, 2) despite this two-day old party people are not feeling as rich and won't feel so, even if it should last a few more weeks and 3) most can't take on any more debt. They are at their limits ... This is not a blip and it is not reversible. Lots of folks are thinking about something gradual happening here. It isn't possible ... done with the rant I'm going on vacation. This party should be over by the time I get back ... Have fun and be careful.

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