#Economy & #Stocks Review - Cash Strapped States Will Target Its Citizens

E&S Review

Much of today’s economic data, including officially collected and produced time series, is highly unreliable. Statisticians use well-documented techniques such as geometric smoothing, seasonal adjustments, substitution, double counting, and hedonic adjustments to modify economic outcomes dating back to the 1980s. Politicians and central bankers often leverage these techniques for political gain.

Data manipulated by these statistical methods are frequently revised without clear notification to the public, especially when administrations or public policies change.

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Cash Strapped States Will Target Its Citizens

Washington state is currently grappling with a significant budget shortfall projected between $10 billion and $12 billion over the next four years. This fiscal gap arises from a combination of factors, including declining revenue forecasts, rising costs to maintain state programs, and an increase in the number of people receiving state services.

In response, the Washington State Legislature recently approved a nearly $78 billion two-year budget aimed at addressing this shortfall. To fund this budget, lawmakers increased the capital gains tax, estate tax, and selected business taxes, while discarding proposals for a wealth tax and property tax cap lift.

Governor Jay Inslee had earlier proposed a new wealth tax targeting individuals with personal wealth over $100 million, aiming to generate $10.3 billion over four years. However, this proposal faced criticism and was ultimately not included in the final budget.

The budget also includes a 6-cent per gallon gas tax hike to fund transportation projects and a rent cap that limits annual increases, excluding buildings less than 12 years old. Additionally, lawmakers approved unemployment benefits for striking workers and measures to enhance oversight of private detention facilities.

Despite these measures, the state continues to face challenges, particularly in areas like wildfire prevention, where recommended drastic cuts in spending have raised concerns about public safety.

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Source: http://www.edegrootinsights.com/2025/05/economy-stocks-review-cash-strapped.html