U.S. Capital Construction Survey

"The U.S. economic slowdown is in its seventh month.  On May 21stth oil traded above $132 a barrel on the New York Mercantile Exchange; despite pleas from President Bush, in Saudi Arabia to implore its king in person like a sidewalk beggar, OPEC declined to increase output beyond a token 300,000 barrels a day before its next meeting in September.  Rising energy prices are displacing tight credit as the weakening economy’s first concern—rising energy prices and the failing dollar.  Wholesale inflation edged up by 0.2 % in April after jumping 1.1 % in March; Americans are driving less while airlines cut flights and hemorrhage red ink.  Boone Pickens, the Texas oilman, expects crude to reach $150 a barrel this year; Arjun N. Murti , an analyst at Goldman Sachs whose views are widely circulated, forecasts $200 a barrel oil “soon”.  If Mr. Murti is right gasoline will cost $6 a gallon at the pump.  Messrs Pickens and Murti may look like alarmists today, but consider: if President Bush attacks Iran imported crude would price itself out of the American market and the lights will go out.  There is no good news."

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Gambling’s Contribution to Government Finances

"As the economy heads south and energy costs rise to levels unseen in modern times the contribution gambling makes to government finances is more important than ever.  Hard times increase demands on public-sector services.  People who have lost their jobs or their homes need help.  Rising demands on government services coincide with declining tax receipts as the economy contracts; budget gaps widen as State and municipal treasuries are caught in a vicious cost/revenue squeeze.  In these circumstances every revenue dollar helps.  Gambling, of course, generates revenue dollars—quite a lot of them.  Exactly how much money does gambling contribute to the public purse?"

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