They say that supply-side economics is all voodoo and such. I'm looking at you, former President George Bush the First.
He said that while campaigning against Ronald Reagan in 1980.
I wonder how ol' Pappy Bush is doing these days? I always kind if liked the guy. Or maybe I liked Dana Carvey's SNL skits. Either way.
But look at this $40 billion in personal income loss. From sacbee.com. That can't be good. Obviously, that didn't flow into the government coffers to get spent on programs. Although Arnold and the Legislature sure spend money as if they had the money.
But $40B? The California personal tax rate gets to 9.3% in a hurry. And that doesn't include the magic of compounding as the money gets spent and taxed in the economy multiple times. The state sales tax is very close to 10% in some places.
Anyway. Good morning. Nice day in the markets, eh?
Anyone see $40B laying around, or perhaps a voodoo doll?
Here's Grace Park (again), who appears on the cover of TV Guide for the new Hawaii Five-O.
