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?
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?
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