View From a Height
Commentary from the Mile High City
Friday, October 10, 2003

More Leftish Pessimism

JB & the Progressive Taxers continue trying to flog a depressed economy. The latest Western Blue Chip Economic Forecast is the basis for their gloom, but sadly, JB's pretty selective in what he quotes, and what he quotes ain't all that bad. Here it is:

  • Estimated 2004/2003 changes:
  • Real Personal Income: 3.1% (3.2% in August)
  • Wage and Salary Employment: 1.9% (2.0% in August)
  • Single Family Housing Permits: -1.5% (-2.4% in August)

    And this quote from one of the economists on the Forecast's panel:

    ...California's projected $38 billion budget shortfall over the next 18 months will require major tax hikes and deep spending cuts. Tax hikes of all types, directed toward higher income people, could force many to relocate again, fueling another Colorado growth spurt.

    Note that the difference between the September and August numbers is actually better for Housing Permits, and declines by statistically insiginificant amounts for the wage and employment categories. Note also that the economist's assessment of California was prior to the name change to Collyvornia. JB also attacks Owens for making a much-publicized trip to the Bay Area looking to lure companies away, and then suggests that he should do just that.

    Forecasts come, and forecasts go, but the actual numbers are unassailable. The economy, including Colorado's in back on the way up. I do see a lot of criticism of Owens on the site, but I rarely see constructive suggestions.

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