Recession Now

Based on California 2007-08 income and sales tax numbers, we are already in a recession (at least in California). here's the chart:

Note the upper right corner: YTD % change in personal income revenue and sales & use tax coming in at -2.4% and -4.2% respectively. At the same time, employment growth is under 0.5% and has slowed for 7 months straight. The forecast next year is for a 12% shortfall (decline in expected revenues) of $14 billion. Yup, California is already in recession. Our politicians, however, refuse to recognize this.