Looking for something to worry about?

We now have the data on cash flows for the first month of the new fiscal year from the state controller. And revenues came in almost 10 percent below projections in the 2016-17 budget which we enacted only a few weeks ago.

Of course, one month does not a year make, particularly in regards to our highly seasonal tax base. But all of the big three taxes came in below forecast values: income, sales, and corporate. Sales taxes were 23.5% below projections and of the three key taxes, sales reflect consumption of the masses. In contrast, income taxes (which were below projections by 6.9%) reflect upper income folks.

Anyway, enjoy your summer. And if you want to worry, the controller's data are at http://sco.ca.gov/Files-ARD/CASH/01_July_2016.pdf.pdf. And if not: