Taking a break from the 24/7 hysteria of Tropical Storm Irene, we need to examine more poor economic news coming from Connecticut and our nation.
From Connecticut I envision many taxpayers not fully understanding the new higher retroactive tax rates coming out of our one party rule in Hartford and ending up owing much more in state income taxes come filing time. Trying to understand the retroactive part of this rate is nearly impossible if one was to read the Department of Revenue Services website. Maybe it could be explained in plain English for a change.
Also from Connecticut the obvious costs of the storm will be enormous, the losses will be staggering and forthcoming will be increases for all for their property insurance whether or not a claim has been filed or not.
On a National level, not even mentioning the still out-of-control National Debt, is the now downward revision of economic growth to less than 1% for the last quarter. For any economy to expand its needs strong economic growth which our country does not have now. Couple this with a real unemployment rate of 18+% and you spell recession/depression for the remainder of this year and next. Economic gloom is here and will remain with the economically irrational policies of the Obama Administration. Mercifully I can truly see a new President being elected come November.
More poor economic news, more to come.