As expenditures rise,

This story was in today's paper
U.S. TAX REVENUE TO FALL BY 18%

The numbers could hardly be more stark: Tax receipts are on pace to drop 18 percent this year, the biggest single-year decline since the Great Depression, while the federal deficit balloons to a record $1.8 trillion.
Other figures in an Associated Press analysis underscore the recession's impact:

Individual income tax receipts are down 22 percent from a year earlier.
Corporate income taxes are down 57 percent.
Social Security tax receipts could drop for only the second time since 1940.
The last time the government's revenue was this bleak was in 1932, in the midst of the Depression.

And you wonder why I'm concerned about the economy?

Comments

ladyj said…
we are also to understand the so called "recession" is nearing its end because the stock market, as I am hearing, is making progress. There is more trading, especially profits. Now, these profits are because of lay-offs and reduction of pension plans. Taking that into consideration, I'd have to say, what we have here is a False Profit!
2:46 PM
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