NY Governor David Paterson announced that the State of New York will be short $178 million in tax revenues because six top Goldman Sachs executives decided to skip bonuses.
Funny….when incomes go down so do taxes. When big incomes go down, taxes go down big. Who’d a thunk?
I will give Governor Paterson kudos on one observation:
If the states and federal government do not get spending under control, we will graduate to a 10-year recession,” Paterson told reporters in a conference call, warning a depression could follow.
One Governor has it right and unless you are Barack Obama, that leaves 49 and a Federal Government to go.
