The Fed raised short-term rates more than 4 percentage points in a year, its fastest move since the early 1980s, as it battled inflation.the hardest by rate hikesSince the value of tech stocks declined so much, the number of firms going public plummeted as well. Tech IPOs wereThe downturn in markets will also hurt capital gains tax revenue, which the California governor's office expects to drop 29% this fiscal year.
New York's tax receipts are also dependent on the fortunes of Wall Street, with some 22% of state tax revenues tied to Manhattan's securities industry, according to the comptroller's office.
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Good, something needs to break this fantasy that we can just vote in magic poney spending and never deal with how to pay for it.