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To: Shack who wrote (67848)	2/15/2001 2:21:48 AM
From: Shack	Read Replies (1) \| Respond to of 436258

Good comment from Francois Sicart regarding the upcoming tax cut. Note that many states have built substantial contingency reserves for a possible, cyclical slowdown in revenues. However, the economic boom and recent labor shortages also cut welfare costs by almost 50%, and it is a safe bet that some of these expenditures will reappear in a less buoyant economy. Finally, among the states emerging from the decade-long boom with the thinnest margin of fiscal safety are New York and California, both heavily populated and highly sensitive to the fortunes of the wealth-tech economy. I hope Californians and New Yorkers enjoy their Federal tax cut, because it might soon be offset by higher state taxes. tocqueville.com