Friday, January 7, 2011

Just askin' . . .

OK, let me get this straight: the federal government just passed a reduction in the FICA deduction and extended the Bush era tax cuts as a way of "stimulating" the economy. At the same time, Blue Shield of California is seeking rate hikes of as much as 59 percent, the Illinois legislature is looking at raising the state income tax by 75 percent (and has already passed a bill that require online retailers to collect 6.25% tax on purchases if the companies have affiliates in-state), while in anti-tax Texas, legislators have filed more than 900 bills as of yesterday, many of which would slash services and revenue to cities.

Meanwhile, Federal Reserve chairman, Ben Bernanke says “We have seen increased evidence that a self-sustaining recovery in consumer and business spending may be taking hold."

So, is this what economic recovery looks like? Just askin'.