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States forget how to cut budgets but love to raise taxes
Governors want to levy higher taxes next year on clothes, soft drinks, gasoline, auto licenses and other items that likely will hit low- and middle-income families struggling to make ends meet in a deepening recession the hardest.
Officials say they are required by law to balance budgets and that tax increases are necessary as state governments face sharply declining tax revenues, but fiscal analysts say raising these taxes during an economic downturn will only worsen local economies and prolong the recession.
One of the most sweeping revenue packages comes out of New York, where Democratic Gov. David A. Paterson wants…
The Current Crisis: Causes and Consequences
Adrian Day’s reputation for discovering big winners adds credibility to the global investing pioneer’s insights, which he is sharing with The Gold Report via excerpts from recent articles in Adrian Day’s Global Analyst. Acknowledging what trying times these are for investors, in this first segment of a five-part series, Day discusses what led to the current economic crisis and how he sees Washington’s $700 billion (and counting) bailout playing out.
The Current Crisis—Causes and Consequences
The house of cards built on easy credit has finally come tumbling down, triggered by the failure of one of the most flimsy of…
17Oct2008 | The Gold Report | Comments Off | ContinuedGlobal Investing Roundups
Lukoil Counts on Artic Find; Gourmet-Cookware Seller Burned by 2Q Results; FGIC Prolongs the Inevitable; Diageo’s Strong Sales; Lehman Bros. Plans Layoffs; Toyota’s 10 Million Goal Just Out of Reach
-Lukoil (OTC ADR: LUKOY), Russia’s second-largest oil producer said its new Artic oilfield would allow it to match last year’s production, Reuters reported. Oil output from Russia fell in the first six months of the year for the first time in a decade, due to aging infrastructure, maturing fields and heavy taxes.
-Williams-Sonoma Inc. (WSM), America’s biggest gourmet-cookware retailer, yesterday (Thursday) announced second quarter net income fell to $18.4 million or 16 cents…
29Aug2008 | Money Morning | Comments Off | ContinuedElection 2008: Dawning of Democratic Convention Illuminates a Few Bright Spots For Investors
No matter who wins the looming presidential election – Barack Obama or John McCain – investors are likely to see a similar outcome: The new president will quickly remove the distortions in the U.S. and world economies that have resulted from this lengthy period of low interest rates, and he’ll do so without eviscerating portfolio values.
But while the outcomes will be similar – as we’ve reported – the routes the candidates will follow to achieve those similar outcomes are decidedly different. This week – in observance of the Democratic National Convention in Denver (see accompanying graphic) – I will look…
26Aug2008 | Money Morning | Comments Off | ContinuedElection 2008: Obama or McCain – U.S. May Suffer Either Way
As Barack Obama closes in on the Democratic presidential nomination, investors should focus their minds around one uncomfortable fact: Whether it’s Obama or Republican John McCain who wins the White House, expect some policy changes that won’t sit well with investors – or with the U.S. economy.
This could make for several rough years for U.S. investments, underscoring yet again the importance of searching out profit plays overseas.
That’s why it’s crucial that we understand just what each candidate is likely to do should he reach office. Interestingly, there are three areas where the two presidential hopefuls seem to be in agreement.…
6Jun2008 | Money Morning | Comments Off | Continued
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