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Future Of Casinos

24 June 2013 Leave a comment

Back in the day when casinos were coming to the Mississippi Coast I wrote a piece about the Law of Diminishing Returns to argue against an unlimited amount of casinos….it seems that they were building casinos to have something to do……..

Law of Diminishing Returns simply put is if there is a finite amount of casino revenue, say $10 million, then the more casinos there are the more diluted the revenue will be…..now with the slowdown of the economy the casinos have suffered the same fate……when the bill passed the state legislature the deal was that the tax revenue would be used to sure up the sagging education system……well we stilkl have one of the worse systems around and the funds found there way into the “general fund”…….

But could the casino become a burden on the state?  Under normal conditions they should not……but there is nothing usual about the Mississippi gaming system……what could be a possible result of a casino failure?

Well, let’s look at Delaware, shall we………

Lawmakers appear ready to support Gov. Jack Markell’s plan to use $8 million from higher-than-expected state tax collections to bail out the state’s casino industry. But it’s not clear if the state aid will forestall layoffs threatened by casinos that have seen revenues plummet from intense regional competition.Sen. Robert Venables, who chairs the General Assembly’s join Bond Bill committee, said Tuesday $8 million is “better than nothing” for the industry, which has pleaded with lawmakers and the governor in recent weeks for help to reduce its tax burden.

If the proposal makes it into the final draft of the Bond Bill, tied in with hundreds of millions in school and infrastructure spending, it’s likely to pass the General Assembly without debate.

Now how is that?  An industry that makes obscene profits could get a government bailout…….could this be the future of the failing casinos of the Gulf Coast?

Things Can Only Get Better

18 June 2013 Leave a comment

That statement has been passed around elections in Mississippi for decades….the candidates are all about jobs and education and well pick a subject….we voters have been promised so much and so little has been delivered……

Most recently the Wall Street has conducted a survey of states and gave them a ranking……

24/7 Wall St. considered data from a number of sources, including Standard & Poor’s, the Bureau of Labor and Statistics, the U.S. Census Bureau, the Tax Foundation, RealtyTrac, The Federal Bureau of Investigation and the National Conference of State Legislators.

Unemployment data was taken from the U.S. Bureau of Labor Statistics. Credit ratings were from ratings agencies S&P and Moody’s. We relied on the FBI’s Uniform Crime Report for violent crime rate by state and large metropolitan areas. RealtyTrac provided foreclosure rates.

A significant amount of the data we used came from the U.S. Census Bureau’s American Community Survey. Data from ACS included percentage of residents below the poverty line, high school completion for those 25 and older, median household income, percentage of the population without health insurance and the change in median home values from 2006 to 2011. These are the values we used in our ranking.

Once we reviewed the sources and compiled the final metrics, we ranked each state based on its performance in all the categories. All data are for the full year 2011, with the exception of debt per capita, obtained from the Tax Foundation, and state budgetary data, which came from the U.S. Census Bureau, and is for fiscal year 2010. New to this year’s study was our more detailed review of state industry for 2011, from the the Bureau of Economic Analysis, exports per capita for 2011, from the Census Bureau, and the 2010 tax burden and the current tax business climate, from the Tax Foundation.

And now….may I have a drum roll please…..hoiw did the great state of Mississippi do on the rankings?

40. Mississippi
> Debt per capita: $2,182 (11th lowest)
> Budget deficit: 15.9% (tied-22nd largest)
> Unemployment: 10.7% (4th highest)
> Median household income: $36,919 (the lowest)
> Pct. below poverty line: 22.6% (the highest)

Last year, Mississippi had the nation’s lowest median income. At just under $37,000, it was more than $13,500 below the national median income. Along with that distinction, no state had a higher poverty rate than Mississippi’s 22.6%, which was double the rate of six states. Mississippi has also fallen behind the rest of the nation in recovering from the financial crisis. The state’s GDP shrank by 0.8% in 2011, the second largest decline in the country, and 10.7% of the state’s workforce was unemployed, the fourth-highest figure in the U.S. According to The Commercial Appeal, there are currently as many residents employed as in the mid-1990s, though the state’s population has risen from 2.7 million to nearly 3 million.

Th3e ONLY good news in this survey is….there are 10 states below us….which is a pretty good standing for the state….we are usually at the bottom of every good list and the top of every bad list……

When will the people of Mississippi demand their elected clowns actually do something for the people of the state and stop playing their political games?

The best answer is….I will be dead and gone before that happens!

Bryant On The Run

Cartoon from the Clarion Ledger

Typical GOP Male

4 June 2013 2 comments

There have been a wealth of idiots speaking on women and most of them are members of the GOP……we had the all male panel on FUX that blames the decline of the American family on more women are becoming the family bread winner……even the GOP women are just as out of touch…..a GOP congresswoman stated that women do not want equal pay……even the governor of Mississippi is in the dumbass camp……

At a Washington Post Live event on child literacy, the host asked Bryant, “How did America get to be so mediocre?”

“I’m going to get in trouble — do you want me to tell the truth?” Bryant replied. “I think both parents started working. And the mom is in the workplace.”

“It’s not a bad thing, I’m going to get in trouble,” he added. “I can see the emails tomorrow. But now both parents are working, they’re assuming their careers. That’s a great American story now that women are certainly in the workplace.”

“So, it’s the mother’s place to teach them to read?” the host wondered.

“No, no, but I think there was that loving, nurturing opportunity that both parents had a little bit of time,” the governor explained. “My dad was a reader, he was a mechanic. So, he didn’t go to college, but he was a reader. But he had a little bit more time with me, and today’s society, parents are so challenged. Not just the mom, but the mom and the dad. They’re working overtime, they’re trying to balance both of them in the workplace.”

So America is becoming more mediocre because women are working….seriously?  It is all the women’s fault….has nothing to do with draconian measures that Repubs promise will save the country from itself……

Bryant is your typical GOP politician…good hair, old, and very misogynist…….they need to just keep talking their silly antiquated issues….they are insuring that they never win another national election……..without change they are dooming the party to the fecal pile of history…..

Open Letter

This is a letter I sent to the city council awhile back….of curse there was no reply…I did not expect one….this is a valid proposal and would do alot to raise the much needed funds of which the city is in desperate need……..

Open Letter To The City Council Of Gulfport, Mississippi

The city has been having its problems with the generation of much needed funds for programs that will benefit its citizens. There is a way to generate these funds and that course is called Land Value Tax. For years I have been advocating this form of taxation to no avail, but with the economic situation getting worse by the day, I believe this idea can save the city from massive cuts in services.

According to the Mississippi Economic Policy Center, any tax reform should conform to a 3 principle outline.  These are:  1—Be balanced and make work pay, 2—should create opportunity for economic growth and 3—be accountable to the taxpayer.  The Land Value Tax (LVT) addresses all three of the concerns put forth by the MEPC.

Land rent means taxing land. Not buildings, not work, not commerce, just bare land. Or if land has buildings (as most land has) then the equivalent value of the land if it had no buildings.

Land gets its value its improvements (buildings etc) and from its location. The improvements were made by the hard work of the owners. But the location has value because of what society does, because of roads and schools and good neighbors.

If society taxes buildings and improvements, it steals people’s hard work, their time and energy, their life. Most taxation is therefore theft. But if society taxes the location, then it simply claims back the value it creates. Land rent distinguishes between the individual’s property and society’s property.

Land rent creates fairness in the most basic of all issues: who controls the ground beneath our feet.

Land rent is the only rational tax, because it is based on a sound theory of property (you create it, you own it).

Land rent means an end to every other tax. So it becomes much cheaper to create additional jobs and manufacture goods. So wealth increases.

If you tax work, the amount of work goes down, because some work becomes less profitable. But if you tax land, the amount of land remains the same. So if you want to encourage work, you should tax land, not work.

Land rent is the only guarantee of fair property rights. If people can charge rent but they pay no rent themselves, eventually one person or one elite will own everything and nobody else can have any property unless it suits the elite. To see why, play the game Monopoly. Monopoly is based on “The Landlord’s Game,” invented by Lizzie Magie as a way to show why we need land rent.

Land rent is the most efficient way of creating wealth because it gives resources to those who can use them best (that is, those who can generate the most wealth from the land).

Land rent creates economic justice, by ensuring that everyone keeps the wealth they create, and any extra is given back to society. So nobody has unfair privileges, and everyone has an equal chance to succeed.

Land rent provides a fair system for all, because it generates wealth for society, yet it is so simple that corruption and inefficiency have nowhere to hide.

It is as simple as that….it would not take a massive bureaucracy to change the taxation of the city…

If further information is needed I may be contacted at:

CG Streuly

2605 Demaret Drive

Gulfport, MS 39507

Email: chuqalam@gmail.com

New Ideas Of State Reps

8 February 2010 Leave a comment

I got this email recently from the Progressive States Network and thought I would pass it along to the readers….some of the ideas are pretty good and innovative and some are just dumb….

Job Creation Opportunities During a Recession

Kauffman Foundation – The Economic Future Just Happened
Information Technology and Innovation Foundation – 2008 State New Economy Index
Kauffman Foundation – Better, Faster, Cheaper: The New Bootstrap Job Creator”

State Venture Capital Funds

National Governors Association – State Strategies to Promote Angel Investment for Economic Growth
NASVF – U.S. State-Supported Venture Capital Funds

Encourage Technology Transfer and Commercialization

Pennsylvania Economy League – A Continuing Record of Achievement: The Economic Impact of Ben Franklin Technology Partners 2002-2006
U.S. Department of Commerce, Economic Development Administration – Construction Grants Program Impact Assessment Report
Information Technology and Innovation Foundation – 2008 State New Economy Index
Batelle and the Association of University Research Parks – Characteristics and Trends in North American Research Parks

Strengthen Industry Partnerships & Clusters

Keystone Research Center – Pennsylvania’s Industry Partnership Strategy
Steel Valley Authority (SVA) – Early Warning and Layoff Aversio
Seattle Foundation and SkillUp Washington –  Creating Stronger Workforce Partnerships In Manufacturing
National Fund for Workforce Solutions – The Principles of the National Fund for Workforce Solutions and Their Implications for Public Policy
National Governors Association – Cluster-Based Strategies for Growing State Economies

State government needs all the help it can get….but unfortunately politics is NOT always the best for the state…just the individuals that play the game……

SB 2288–Speculator’s Dream

29 January 2010 2 comments

There are times when the state legislature does something that is a blatant disregard of the people it represents and SB2288 is such bill….which states:

AN ACT TO AUTHORIZE THE BOARD OF SUPERVISORS OF A COUNTY AND/OR THE GOVERNING AUTHORITIES OF A MUNICIPALITY TO GRANT A PARTIAL AD VALOREM TAX EXEMPTION FOR AGRICULTURAL PROPERTY THAT IS BEING CONVERTED TO A RESIDENTIAL USE IN AN AMOUNT EQUAL TO THE DIFFERENCE IN THE ASSESSED VALUE OF THE PROPERTY FOR AGRICULTURAL USE AND THE ASSESSED VALUE OF THE PROPERTY FOR RESIDENTIAL USE; TO PROVIDE THAT THE EXEMPTION SHALL END WHEN THE PROPERTY IS OCCUPIED BY A HOMEOWNER; TO PROVIDE THE MANNER IN WHICH A REQUEST FOR SUCH EXEMPTION MUST BE MADE; AND FOR RELATED PURPOSES.

This appears to be a boon for the purpose of land speculation….

A case could be made that land speculation is the cause of almost every major recession/depression that has occurred whether nationwide or statewide…..The 19th century economist Henry George describes it:

That land speculation is the true cause of industrial depression is, in the United States, clearly evident. In each period of industrial activity land values have steadily risen, culminating in speculation which carried them up in great jumps. This has been invariably followed by a partial cessation of production, and its correlative, a cessation of effective demand (dull trade), generally accompanied by a commercial crash; and then has succeeded a period of comparative stagnation, during which the equilibrium has been again slowly established, and the same round been run again. This relation is observable throughout the civilized world. Periods of industrial activity always culminate in a speculative advance of land values, followed by symptoms of checked production, generally shown at first by cessation of demand from the newer countries, where the advance in land values has been greatest.

This bill is just another attempt to help the land speculators while depriving the state of much needed tax revenue…in these days any reduction in revenue can only lead to a cut in needed services….

Once again, the state legislation is dealing the people of the state a bad hand, just as they do every session…the people need to stop sleeping through the day and wake up politically…they are paying these people to do nothing but screw them at every session….