FORECASTERS DOWNGRADE U.S. OUTLOOK FOR 2008
FITSNews – November 19, 2007 – You probably didn’t know this, but in addition to being highly sought-after international diplomats (as well as highly sought-after international sex kittens), the FITS gals are also economic experts on par with Alan Greenspan. It’s true. They even tried to give us a Nobel Prize once, but we told them individual accolades didn’t mesh with our image of humilty and selflessness.
Given our wisdom on these matters, we weren’t the least bit surprised to hear that the U.S. Economy is headed for the crapper in 2008, as a combination of poor credit markets, high energy prices and the collapse of the housing industry are poised to stunt America’s growth worse than a chain-smoking, coffee-slurping teenager.
In fact, the National Association for Business Economics has downgraded America’s 2008 growth estimate to a less-than-robust 2.5%, saying current market conditions favor “a higher risk of recession.”
Here is South Carolina, a budget shortfall of half a billion dollars has already been predicted, meaning that state legislators who blew through $1.5 billion in new money last year on a bunch of shady contracts, pig-themed festivals and monuments to their pappies will soon be bitching about how we don’t have enough money to pay for things like education and health care.
No sh*t, Sherlock(s). You dumbasses spent it all.
Of course as soon as the state’s revenues improve, these same morons will argue that spending has to increase faster than normal in order to compensate for the spending cuts. At least that’s what GOP House Speaker Bobby Harrell told us in justifying his party’s three-year spending orgy.
So what has all this meant for the bottom line of the average taxpayer? Well, during the last, um, “boom year” (last year), state spending increased by 19% compared to an anemic .08% increase in the average South Carolinians’ income – meaning government grew twenty times faster than your ability to pay for it.
While we’d like to think of the upcoming economic downturn as an opportunity for South Carolina’s Boss Hoggs to wean themselves off the taxpayer teat, the more likely scenario is that they’ll bitch incessantly about having to “cut” core services, then start porking it up again as soon as new revenues materialize.
Way to go, South Carolina Republicans.