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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Robert Douglas who wrote (3452)4/2/2004 2:40:37 PM
From: russwinter  Read Replies (1) of 116555
 
I don't think using state figures for calculating tax withholding (as referred to in the Bloomberg article you posted) is good methodology. Some states don't even have a state tax. The Treasury Dept number (the DTS that Haim posted) says it all, and I track it regularly. But to keep it simple just go to March 31st for this year and last, and you'll get a yoy. Look under "withheld income and employment taxes. For 2004 FY (since Oct. 1) it's 730,964 vs 722,298, up 1.2%. Of course take home pay has been higher , Biderman at Trim Tabs has been adding 4%. However that's over now, the effect of the yoy take home pay gains is history, especially now that about 80% of tax refunds have been sent out.

The DTS numbers for the period (Jan- March)that the men behind the curtain just gave us, actually look a tad worse than the 1.2%. So I can only conclude the same for these "job numbers" that I concluded for the ludicrous PPI number. So the Ministry of Propaganda is out in full force, and the "professionals" who invest the trillions of dollars based on these turds are utterly failing in their responsibility and duty. I don't know how much longer such deceit and perps can be carried on, but I suspect that when the curtain is pulled to reveal the Wizard of Oz, the conditions for a panic and permanent disillusionment will be in force. Somebody responsible might actually enter a bunch of sell tickets. The closest historical comparison to the current would be John Law's deception of the French people during the 1720 Mississippi Scheme.
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