Thursday, November 17, 2011

The Walker jobs disaster continues

I know it's a broken record, but I have to keep pounding it. Today's October Wisconsin jobs report, and it was another debacle. 9,300 more jobs lost in the private sector, and 9,700 overall. Put together with last month's disaster, and this state has lost 20,700 jobs in the last 2 months, and 27,600 since Walker's budget took effect on July 1. All of these job losses are while the U.S. has added jobs at a relatively steady pace at the same time, showing that new DWD Secretary Reggie Newsom hasn't had the time in office to develop into a good liar, as he's trying to put these losses off on the "national economy". The national economy ain't the one losing jobs, Reg.

With these losses, it now puts Wisconsin below the number of total jobs it was at in February and has fewer private sector jobs than the state had back before Act 10 was passed in March. So much for the tools and its lower taxes leading to private sector growth. And given that Wisconsin has had increased new jobless claims for each of the last 4 weeks, don't count on the jobs numbers turning around any time soon. In fact, when the BLS state-by-state report comes out, I bet Wisconsin comes out Number 1 under Walker's budget...for job losses by any state in America.

The lack of jobs under the Fitzwalkerstani policies are also finding its way into damaging our budget, as the Dept. of Revenue also had a big release today, putting out its monthly revenue numbers. October 2011 collections were FLAT compared to October 2012- not a good sign when inflation has been 3.5% and the state budget counted on rev increases of just over 3%. Income taxes were up all of 0.2% compared to last October, and corporate taxes were DOWN 45.9% (gotta love those tax cuts to the "job creators"). The only thing that held up in October was sales taxes, but of course sales taxes did- every post-season Brewer ticket, "Division Champs" gear bought, beer consumed, and night spent at the bars in that amazing Wisconsin sports month had sales tax counted against it, so I'd hope sales taxes did well. Now that baseball season's over, don't count on that coming through again.

So the 5.4% year-over-year revenue advantage for the 3 months has slipped to 3.7%, and the revenue figures picked up for the last 8 months of the last fiscal year (remember the "upside revenue surprise" that made me scream BROKE MY ASS last May?). So expect the revenue gap to grow, to go along with the extra Medicaid cuts, and hateful targeted lapses to the UW System.

If you were stupid enough to fall for Scott Walker's moon-shot promises, you've have to have creashed to earth by now and seen that the "bomb" that Scotty dropped was on this state's economic performance. We need to RECALL all of these failures, and I'll gladly be adding my name to the hundreds of thousands that are more than ready to end this Reign of Error.

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