Massachusetts Economy Worse Than National Average
Why should readers care? Because our governor is running our state the way that Obama is running the nation. They are personal friends. Patrick’s campaign slogan was “Together We Can”, Obama’s was “Yes We Can”. Both campaigns were run by David Axelrod.
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It is the fourth time in the past year that Patrick has been forced to make emergency cuts because tax revenues came in lower than expected. Tax receipts for the first quarter of this fiscal year missed projections by $212 million.
State revenues have yet to stabilize, and fiscal watchdogs warn that more cuts are probable, perhaps even later this fiscal year.
If the environment is hostile to business (high taxes, angry attitude toward employers, difficult relationships with unions), businesses might choose to go elsewhere. If the citizens notice that their neighbors are not working, they might feel constrained about spending, just in case. Massachusetts is a model for the nation. The rest of the country is about to adopt our health care reform, along with our general approach to business and taxation. Judging on what I have observed around me, I expect more surprise tax revenue shortfalls.
- Aggie