Palmetto State citizens aren’t singing “King of the Road” just yet, but based on the most recent economic data and state revenue estimates, it’s probably not too far off …
Let’s face it, people, South Carolina’s unprecedented explosion of government growth over the last three years has done absolutely nothing to stimulate job growth, capital investment or higher income levels.
In fact, a dramatic “de-stimulation” has instead taken place – which incidentally is what we’ve been saying would happen all along when you starve families and businesses of needed revenue to fund massive government spending orgies.
South Carolina’s unemployment rate currently stands at 7.8% – a fifteen year high. Consumer spending is plummeting along with business profits, creating a 10% drop in sales tax receipts and a 25% drop in corporate tax receipts.
On top of that, the state has lost 50,000 jobs since April … and we weren’t exactly setting the world on fire with our employment figures or income levels to begin with.
What does all this mean?
Thankfully, it means we’re looking at government cuts – although it remains to be seen yet whether lawmakers will actually target the pork (like taxpayer-funded lobbyists or their precious legislative slush fund) or continue to cut everything equally, regardless of its value.
South Carolina’s Board of Economic Advisors will meet on October 8 to lower South Carolina’s revenue estimates yet again, and if the reduction is more than 4% (which it will be) lawmakers will have to reconvene in Columbia to adjust their bloated budget further downward.
We’ll be continuing to monitor how lawmakers plan on handling these budget cuts in advance of this “emergency session,” including whether or not any of them opt to refund the cost of a special session.
By Tired September 29, 2008 at 2:33 pm
Bob-by (clap clap) Har-rell (clap clap)
Way to go boys! Bobby, Hugh, and egg-tooth Dan have created something of a monster…..and the monster is leaving the cave for all of SC to see.
Too bad the three of them are not in the Congress. Nanci could have used their sure-fire votes to abuse taxpayer money!
By James September 29, 2008 at 8:52 pm
It may seem like I’m singing to the choir here, but those in the choir are the ones that continually vote for morons like MacMaster, Jake, Chip (come on, get a real name already, you’re a freakin’ adult), et al: The “budget” was unconsitutional and now we’re going to pay extra to these morons to fix their errors?
Please include a jar of vaseline when you mail out the tax forms next year.
Henry: How’s the gasoline price investigation going? How ’bout taking some of those investigators out of the gasoline stations (probably loading up at the fried food buffets) and putting them in that building surrounded by statues of REAL statesmen?