The Busines...
Consumer Credit in US Declined More Than Forecast
BusinessWeek - Vincent Del Giudice - July 8 (Bloomberg) -- Consumer borrowing in the US dropped in May more than forecast, a sign Americans are less willing to take on debt without an improvement in the labor market.
Consumer borrowing down sharply in May The Associated Press
Credit-card debt drops 10.5% in May Chicago Breaking Business - Tribune ANF - HOG Google FinanceCredit Union Times - MarketWatch - The Atlantic (blog)
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ATTENTION KENTUCKY LAWMAKERS:
"Another reason Kentucky lawmakers should seriously consider modernizing Kentucky's obsolete tax base. As a result of the December 2007 severe recession consumers have adopted a "cash basis" that deepens and prolongs deficits for Kentucky whose obsolete tax base depends on income and sales taxes!
2010-2012 STATE BUDGET PASSED BY KY LAWMAKERS LEAD BY KY GOVERNOR BESHEAR CUT:
GOVERNOR OFFICE 20.3%
COMMISISON ON WOMEN 21.2%
ALCOHOL BEVERAGE CONTROL 24.9%
DEPARTMENT OF PARKS 3.3%
CENTER FOR ARTS 23.2%
JUVENILE JUSTICE 10.8%
PUBLIC SCHOOL FUNDING 1.0%
PRE-SCHOOL 4.4%
EXTENDED SCHOOL SERVICES 60.3%
U OF L 9.0%
KET 28.0%
CB SERVICE 8.5%
PUBLIC HEALTH 16.9%
BEFORE MAKING CUTS ABOVE, LAWMAKERS/GOVERNOR SHOULD HAVE INCLUDED ESTIMATED $822 MILLION OF CUTS BELOW IN 2010-2012 BUDGET:
$300 MILLION OF STATE TAX EXPENDITURES (TAX EXEMPTIONS, DEFERRALS, DEDUCTI0NS, CREDITS, PREFRENTIAL TAX RATES, EXCLUSIONS)
$400 MILLION OF CORPORATE TAX SHELTERS
$122 MILLION OF NON-MERIT AND PVA PERSONNEL COSTS
$200 COLLECTING ESTIMATED OF CAR & TRUCK TAX EVASION
MODERNIZED OBOSOLTE TAX BASE
COMBINED ALL STATE RETIREMENTS INTO ONE: I.E., KERS, SPRS, KRS AND TEACHER RETIREMENT;
REPLACE DEFINED BENEFIT WITH DEFINED CONTRIBUTION RETIREMENT SYSTEM;
LEGISLATIVE RELIEF TO 55% OF KY COUNTIES WHOSE CURRENT TAX RATES HAVE OR WILL DRIVE THEM INTO BANKRUPTCY;
