Obama is proposing a deficit of $1.3 trillion for FY 2011.
The Dems are making a big production of the 21 Billion dollar “cuts,” but when you’re confronted with numbers like 1.6 trillion it’s apparent that the cuts are just a P.R. campaign.
Year-to-date federal government revenues totaled $487.78 billion, compared to $547.38 billion for the first three months of fiscal 2009. Individual income-tax receipts totaled $207.73 billion, compared to $255.29 billion. Corporate tax revenues were at $33.93 billion, down from $50.37 billion.
...put the lie to any claim that there is any "recovery" in process. It infuriates me whenever I hear any politician or MSM talking head speak about "the recovery".
With cratering revenues like this,
There is no &^%!&%! recovery!
I bet those “blue dog” FRAUD Democrats are going to raise hell over this.....(insert crickets chirping here).
They were correct in scolding Bush for having deficits.....but when their pres_ent has deficits SEVERAL TIMES larger with no end in sight, that is ok. /s
Amazing that Obama was elected in part on voter anger over GOP spending. Hope everyone’s happy!
It seems to me that there are three ways for the government to extract revenues from its citizens:
Taxes on income. Individual and/or corporate. The outlook here is bleak from the government's perspective. With double-digit unemployment, income taxes from paychecks are naturally down. The stock market may or may not be recovering (personally, I think the recent rally was a head-fake), but with loss carry-forwards still available, even those who had capital gains and dividend income for 2009 will be able to offset these gains with losses from prior years, and pay little if any tax.
Sales taxes. Taxes on purchases, or value-added taxes. It hasn't been so many years ago, when conservatives were riding high, that a national sales tax was an idea whose time almost came, with such a tax to replace all income taxes. That seems centuries ago at this point. If any federal sales taxes are imposed, they will be in addition to income taxes. In any event, as long as Dems run the show, it is doubtful that a general national sales tax would be imposed -- not "progressive" enough, don'tcha know. A "targeted" sales tax on luxury goods is more likely, but it wouldn't put a significant debt in the deficit.
Taxes on having. Ah, the mother lode, largely untapped so far by the federal government. A national property tax -- on real estate, cars, personal possessions, and most importantly, on your investment portfolio. Yes, the perfect way to extract money from the "possessing class." You stingy, selfish, grubby plutocrats. Even if you don't spend your hoard, we're going to get a piece of it.
Coming soon to a banana republic near -- very near -- you.
PSALM 2010
Obama is the shepherd I did not want.
He leadeth me beside the still factories.
He restoreth my faith in the Republican party.
He guideth me in the path of unemployment for his party’s sake.
Yea, though I walk through the valley of the bread line,
I shall fear no hunger, for his bailouts are with me.
He has anointed my income with taxes,
My expenses runneth over.
Surely, poverty and hard living will follow me all the days of my life,
And I will live in a mortgaged home forever.
I am glad I am American,
I am glad that I am free.
But I wish I was a dog .....
And Obama was a tree.
So...how much does each U.S. citizen now owe?
Answer: “For fiscal year 2009, which ended in October, the budget deficit was $1.4 trillion, or nearly 10 percent of the gross domestic product, and interest payments consumed $200 billion of taxpayers’ dollars. The national debt stands at $12.1 trillion, up from $6 trillion in 2006, or nearly $40,000 per citizen and more than $111,000 per taxpayer. It’s growing by about $1 million every 20 seconds.”
Quoted from article cited below:
“We owe, we owe: Staring into a spending abyss”
Copyright 2010 Houston Chronicle
Jan. 6, 2010, 7:51PM
http://www.chron.com/disp/story.mpl/editorial/6802385.html
In the words of Laugh-in’s Edith Ann (Lilly Tomlin), “Well, Isn’t THAT special!”
Plus mounting deficits of $1.4 trillion growing to $1.6 trillion and the demoRATS just passed the deficit cap of $1.9 trillion last week (with that usurper Kirk still in the MA senate seat). Our country is ready to explode with overwhelming debt & bankruptcy and 0bozo the commie pig & the socialist demoRATs are continuing to spend & bankrupt us into oblivion.
Since the short fall for 1Q10 is 11% lower than 1Q09, I think we all need to do whatever we can to continue to reduce the socialist government's quarterly revenue intake. I think we need to stop our quarterly estimates, set the money aside in a personal reserve account and only pay at the end of the year on April 15 filing deadline. I think we need to starve this socialist gubmint into submission or a massive uprising by our citizens & patriotic military support.