Obama’s budget a complete disaster!
WASHINGTON - August 4, 2009 - The Depression is starving the government of tax revenue, just as the illegitimate president and Congress are piling a major expansion of health care and other programs on the nation’s plate and struggling to find money to pay the tab.
The numbers could hardly be more stark. Tax receipts are on pace to drop 18% 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 Depression’s impact. Individual income tax receipts are down 22% from a year ago. Corporate income taxes are down 57%. Social Security tax receipts could drop for only the second time since 1940, and Medicare taxes are on pace to drop for only the third time ever.
The last time the government’s revenues were this bleak, the year was 1932, in the midst of the Great Depression.
The numbers could hardly be more stark. Tax receipts are on pace to drop 18% 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 Depression’s impact. Individual income tax receipts are down 22% from a year ago. Corporate income taxes are down 57%. Social Security tax receipts could drop for only the second time since 1940, and Medicare taxes are on pace to drop for only the third time ever.
The last time the government’s revenues were this bleak, the year was 1932, in the midst of the Great Depression.