Spokane7
50°
June 16, 2011 in City
Washington revenue forecast falls again
Jim Camden
The Spokesman-Review
Washington state’s projected revenues for the next two years are down slightly, said Arun Raha, the state’s chief economist and executive director of the economic and revenue forecast council.
He said economic growth is slower than expected and disruptions caused by the Japanese tsunami “continue to pose a threat to the state’s economy.”
Revenue collections through mid-June were $93 million more than expected, but only because of a successful tax amnesty program.
Overall state revenue for 2011-13 is expected be $31.7 billion, which is $183 million less than the March forecast.
Romney/Paul split weighing on county GOP 
Providing_Buttonholes on June 16 at 10:37 a.m.
Will the Spokesman praise Gregoires work on this bit of news?
hawken on June 16 at 10:53 a.m.
Just another example of the “brilliance” of Keynesian Left Economics.” Sooner or later the house of cards comes crashing down.
Side-note: Yesterday or the day before, I was watching the “The O’Reilly Factor.”
O’Reilly had no clue about what “Keynesian Economics” means, let alone how to pronounce it! He had to have John Stossel explain it all to him.
If Mr. “Ego,” Harvard Educated, O’Reilly doesn’t understand “Keynesian Left Economics,” It occurred to me that I have allot of work to do on this web site between now and November, 2012.
Don’t get me wrong, O’Reilly has allot of good points and is correct on many issues. The biggest problem he has is his ego.
johnclarke on June 16 at 11:07 a.m.
He said economic growth is slower than expected and disruptions caused by the Japanese tsunami “continue to pose a threat to the state’s economy.”
OMG. Hawken, the off topic broken record…do you even have the slightest clue what you are talking about ? This is a projection over 3 years and 183 million is literally peanuts. This projection could easily go the other way and be a surplus.
We have clear evidence of the complete failure of the economic “theory” first inked on a napkin and put into play by the Great Communicator. Yes, complete failure unless you are in the top 1% tax bracket. I assume that is not you.
Will you please stop with the off topic nonsense - and get a job.
SpokaneLiberal on June 16 at 11:16 a.m.
Keynesian Economics isn’t failed, but our political system means that it cannot be effectively implemented. Stagflation of the 70s would never have happened if the Chair of the House Finance committee hadn’t held up a tax cut, just like the recession of the 70s would not have been so long had the Chair of the Senate Arms services committee not put an anonymous hold on a spending plan. With the level of politics and our political style we cannot implement Keynesian policy. The Chinese economic growth of the last 20 years is the Keynesian model. It can work, but it requires you increase taxes to take the top off the business cycle and pay for the next downturn. We refuse to do that because taxes are always evil in the eyes of a certain segment.
If OReily doesn’t understand Keynes, he should study it. It isn’t actually that complicated. Instead of trying to manipulate supply you manipulate demand.
liberal_in_right_wing_land on June 16 at 11:21 a.m.
Again, Hawken, are democratic controlled states the ONLY states with budget issues? Are states that have republican controlled houses and governors all running huge surpluses? Do these republican states all have giant cash reserves because they have done so good with their budgets while everyone else in the WORLD is losing money?
johnclarke on June 16 at 11:23 a.m.
There is plenty of proof that it works just fine, when fully implemented. Unfortunately, we seem to prefer things that clearly don’t work other than to make rich people richer. Otherwise, with the decade plus of tax cuts (still in place) then everything would be just fine…..right ?
eagleproducer on June 16 at 11:30 a.m.
People need to read the Communist Manifesto.
Marx’s analysis of economic history is spot on, as were his predictions for the economic future. If Marx is correct in all of his other analysis, why can’t he be right about the fate of capitalism?
WORKERS OF THE WORLD UNITE!
eagleproducer on June 16 at 11:33 a.m.
I believe Hawken should point to examples of stimulus spending implemented in the latest budget from Olympia. Apparently Keynesian economic theory now includes slashing public spending to stimulate demand.
The Bizarro world expands with every false statement…
hawken on June 16 at 11:45 a.m.
Clarke:
Be so kind to post evidence of your assertion that Keynesian Economic Theory has ever worked,,,, when fully implemented.
You will surely win the Nobel in research or something.
Surely, you are not talking about Japan, prior to WWII when they were building a military empire, trying to conquer the Pacific, before the great depression, before bombing Pearl Harbor?
Please tell me that’s not the same failed, example you offered yesterday, which I demonstrated as fallacious.
hawken on June 16 at 12:08 p.m.
Comrade Eagle, Self-Proclaimed Marxist, Teacher of our children:
Did you also graduate from Harvard like O’Reilly? If so, you have two things in common.
Like O’Reilly, you as well don’t understand Keynesian Ergonomics. Simply stated, borrow, tax and spend our brains out until the house of cards comes down…. Now in progress.
WA State Kenyesians have only been stopped, by the recent uprising of WA voters, 64% who made it clear,,, “no more taxes,,,” and the balanced budget requirement put in place with the leadership of Dino Rossi in years past.
liberal_in_right_wing_land on June 16 at 12:17 p.m.
This pretty much sums up Bill O’Reilly
http://www.veoh.com/watch/v10822470BZcrPrqb
Mr_Incredible on June 16 at 12:21 p.m.
Dear Unemployed, Unproductive, Dredge on Society Hawken:
Keynsian economics requires running suprlusses in expansions to pay for defecit spending in recessions. States aren’t allowed to run deficit budgets, only the federal government.
All the states except Vermont have a legal requirement of a balanced budget. Some are constitutional, some are statutory, and some have been derived by judicial decision from constitutional provisions about state indebtedness that do not, on their face, call for a balanced budget. The General Accounting Office has commented that “some balanced budget requirements are based on interpretations of state constitutions and statutes rather than on an explicit statement that the state must have a balanced budget.”
Because all states have to run a balanced budget, Keynsian economics CANNOT be applied on a state level. It is a legal impossibility.
I also find it humorous that you label Keynsian Economics as a tool of the left, since recession defecit spending has been a staple under both a Democrat and Repbulican controlled White House and Congress.
eagleproducer on June 16 at 12:29 p.m.
The balanced budget requirement was not “put in place with the leadership of Dino Rossi.” Washington has no such requirement, but hasen’t borrowed money since 2003 (450 million) when Rossi was state Senate leader.
The governor is only required to “submit” a balanced budget, but the legislature does not have to pass a balanced budget nor does the governor have to sign one into law.
As one can see, Gregoire has not practiced “borrow and spend” Keyneisan economics. Rossi did.
http://seattletimes.nwsource.com/html/politics/2008480910_budget08m.html
Never let facts get in the way of partisanship!
johnclarke on June 16 at 12:35 p.m.
So, before we get a bunch of sniveling right wingers in here complaining about name calling - calling someone a Marxist is pretty stupid.
So Hawken by you simply making a statement that changes history and makes it “fallacious” then ? Listen junior, just get with one of your professors at SFCC and try that argument. The fact that Japan essentially deflected the great depression is accepted historical fact. There is no relationship between that FACT and their buildup to war.
SMARTGUY on June 16 at 12:39 p.m.
Enough of this partisan bullcrap, the time has come to be a REALIST. None of the republicans want to admit they were wrong in voting for George Bush, or that he ever made any mistakes, even though they claim to be fiscal conservatives, and he left us a ten trillion dollar deficit. Now the democrats are just as bad, they refuse to give any blame to Barrack Obama for further increasing this debt, and refusing to raise taxes on the top one percent. We need to cut defense spending, and entitlements equally, raise taxes on those who can afford it, and solve this problem. All this petty bickering might be entertaining to those who have nothing better to do, but it is getting us NO WHERE, Let me be the first to say I voted for Obama, but will not do so again, if he does not reduce this deficit, and create some jobs. If this means our country is less safe, and some senior citizens lives are shortened, SO BE IT. Screw the rich, screw the poor, and solve the problem, before this becomes a third world country. I will repost this rant everyday until someone out there listens, and DOES SOMETHING about this problem. It is time to grow up America, and face REALITY. Thank you.
johnclarke on June 16 at 12:49 p.m.
Oh but don’t you know - the government doesn’t create jobs. It’s the private sector and tax cuts. Wait, that doesn’t seem to be working.
I agree with many things you say smarta** however, you can’t simply stop the spending overnight. I am looking for some courage from the Presdent - first return taxes to same levels, bring our tropps home and then cut military spending. All difficult politically, and with a population that just doesn’t get it.
flutieflakes on June 16 at 1:38 p.m.
Meh, it works both ways. Texas doesn’t spend anything on anyone, and their economy is screwed up, too.
reservedparking on June 16 at 2:41 p.m.
Side-note: Yesterday or the day before, I was watching the “The O’Reilly Factor.”
That explains it.
Ed Byrnes on June 16 at 3:05 p.m.
Mr_Incredible,
Rather than assert things about Hawken’s current activities I respectfully suggest that you invite him to state what his current productive activities are. In the absence of an answer then speculate, but at least provide Hawken an opportunity to move away from his anonymity first.
Ed
WHS on June 16 at 3:30 p.m.
So, since one of the problems slowing our recovery is a result of the tsunami in Japan, yet we are seeing a boon in logs being shipped overseas… I say we increase our export tax to match the Japanese import tax! Plus I think automobiles manufactured in America by Japanese corporations should still be subject to the same import/export taxes.
johnclarke on June 16 at 4:09 p.m.
ebyrnes - This is Hawken’s job. No one wants to pay him for it, and rightfully so. I think even paid posters are expected to have a small grasp of actual facts. Think of Hawken as a posting terrorist. One lone dedicated, and slightly off bubble zealot - causing a larger force to tie up time and resources dealing with what amount to an annoyance.
misjustice on June 16 at 8:07 p.m.
He’s nothing more than a flamer with SGTA; and his posts are flame bait. Done merely to incite a reaction and derail/hijack the thread. He gets “off” on it…in a weird way.
How fondly I remember the two times he was banned by the SR from posting; the threads actually contained some great discussions because he wasn’t able to be a blogopotomus and hijack the thread.