Monday, February 23, 2009

The Washington State Economy

Economic and Health Insecurity: A Survey of Washington Voters 18+ on Current Legislative Issues

Moreover, among those currently retired, 18% say they will re-enter the workforce if the economy does not improve.

If you will recall, this was actually one of my fears from an earlier post today.

One-third report difficulty paying for daily necessities like food, gas, or medicine (33%) or helping a family member pay their bills (34%).

Ouch.

Washington state’s projected budget shortfall balloons to $8B

“We were not pessimistic enough,” in the earlier forecast in November, Raha said.

Yeah, that's been my problem too.

Why voters are suspicious of a state income tax

So far Gov. Chris Gregoire has held the line against more taxes, but she and legislative leaders still have a few escape routes. One is to say, "The budget gap is so big we have no choice." Another is to let various suits result in a court decision that prevents spending cuts, giving them the cover of, "We didn't want to raise taxes, but the courts are making us, so we have no choice." The third is the politically expedient path of throwing the mess in the hands of voters and trying to convince them, "You have no choice."

I live in a future California it seems, minus the sun.

Wash dairy farmers struggle with milk surplus

ADNA, Wash. -- The free-falling price of milk and high feed cost have forced many dairy farmers to begin to "lay off" some of their cows in an effort to make ends meet.

In this rough economy, even dairy cows are feeling the effects of downsizing.


Gallows humor is about all we have left.

"I know a farmer in Clark County, and he told me 'Chuck, this is the first time I've ever been scared,' and he's been doing it all his life," Hayes said.

Join the club.

Seattle man accused of sinking his own yacht

Jack Bateman, a broker with Mahina, remembers the Jubilee as a "beautiful" 1967 Chris Craft Cavalier. He said the Mahina has only seen this type of case one other time in its 30 years of operation.

"This is a very rare, not common occurrence" he says. Bateman added that Mahina has yet to see any real distress sales due to the bad economy.


This doesn't technically count as a distress sale of course. It's more of a distressed sinking.

I wish I could say that my commentary included sarcasm this time. It doesn't. It has been one heck of a news day though. Most of the news has been hitting me in bits and pieces, mostly to the side of the head, repeatedly, when my forehead isn't doing the same to my desk that is. Once again, no sarcasm.

2 comments:

Anonymous said...

Stag,

In Hemingway’s novel, The Sun Also Rises, one of the characters is asked, how he went
bankrupt. His answer was “Two ways: gradually and then suddenly.”

In many ways, that's how I see America. No sarcasm.

The problems started slowly. Remember Bear Stearns? Subprime? Indy Mac? Wamu? MBIA? FNM? FRE? Lehman? Merrill? Citi? BAC?

The problems continue to become more numerous, bigger and closer together.

GE, HIG, etc. More trouble on the horizon.

Stagflationary Mark said...

mab,

One of my favorite analogies is similar to your qoute.

The movie is Force 10 from Navarone. They plant the charges within the dam. They bravely set the timer for an insanely short period of time then calmly start walking away. The charges blow. All it did was knock them off their feet. They escape and meet up with the engineer. One of them is steaming mad! It didn't hurt the dam in the slightest! The engineer calmly replies, "These things take time." Small cracks then started to form.

We've been planting charges for nearly four decades near as I can tell.

We fell off the gold standard in the 1970s. The dam seemed okay so we just kept planting more and more charges. The low interest rate charges planted in 2004 finally did the trick, but I'm fairly sure the dam was failing anyway.