Posted on 05/12/2010 11:37:46 AM PDT by NormsRevenge
WASHINGTON – The federal budget deficit hit an all-time high for the month of April as government revenue fell sharply.
The Treasury Department said Wednesday the April deficit soared to $82.7 billion, the largest imbalance for that month on record. That was significantly higher than last year's April deficit of $20 billion and above the $30 billion deficit private economists had anticipated.
The government normally runs surpluses in April as millions of taxpayers file their income tax returns. However, income tax payments were down this April, reflecting the impact of a severe recession which has pushed millions of people out of work.
Revenues for April were down 7.9 percent from a year ago, dipping to $245.3 billion. That decline included a fall in individual income tax payments. That reflected not only the impact of millions of people out of work but also tax relief provided through the economic stimulus program that Congress passed in February 2009.
The back-to-back deficits in April marked a first, according to monthly budget records that go back to 1954. During that period, the government has run April surpluses in 43 of 56 years.
(Excerpt) Read more at news.yahoo.com ...
This double-dip recession brought to you by Obama and the DEMs.
See ya in November, folks!
But, I see green shoots everywhere.
“You Lie!”
Hey, let’s give 50 billion dollars to bail out the Greeks! We’ve got a REAL responsible bunch there in the beltway. Some kind of FEVER has gripped them, and they all keep drinking the Kool Aid.
There ya go ... more proof the economy’s on the rebound!
The markets are soaring on this fabulous news. We’re through the looking glass.
The April deficit is $52.7 billion higher than the $30 billion April deficit “economists” had been calling for, how incredibly unexpected.
They are called lawns; I'm on my way to mow mine now.
The markets are totally controlled by the limousine liberals, please never ever forget this fact.
On the $175B deficit link, what the column headings?
At least your carbon tax from that mower will help the Gore's pay their gardener, so we got that going for us.
I believe the headings would be:
“Month-end Date”, “Total Public Debt”, “Intergovernmental Holdings”, “Total Debt”, and “Monthly Deficit”.
“Intergovernmental Holdings” would generally be the “Social Security Trust Fund”.
You’re right. The Marxists own this.
It’s all theirs. We’re just stuck with the debt.
Here's what the annual deficit numbers look like over the last few years (WE ARE HEADED FOR BIG TROUBLE!!!).
| 2006 | $251,147 |
| 2007 | $187,920 |
| 2008 | $680,467 |
| 2009 | $1,471,297 |
| 2010 ytd | $1,046,726 |
BTW, my tally is from January to December.
[crickets chirp in DC]
Chicago,..we have a problem...
Okay, let’s do some ciphering as Jethro would say.
This year, April revenues were $245.3 billion and were down 7.9%. That means that last year’s April revenues were $266.3 billion. If there was a $20 billion deficit, then spending must have been $286.3 billion in April 2009.
This year, there was a $82.7 billion deficit with $245.3 billion in revenue. Which means spending was $328 billion.
So, revenue went down $21 billion while spending went up by $41.7 billion. But the problem, of course, is a lack of revenue.
The large number and size of refundable tax credits is a substantial factor. Democrats have given refundable and non refundable tax credits like candy. They have created a vicious tax system in which almost 50% of the population pay little or no federal income taxes and the top 5 to 10% have confiscatory tax rates. This system creates dual incentives for non compliance and lack of effort. At the low end, working more results in loss of lucrative tax credits. At the top end, working more means entry into confiscatory taxation. Some of these refundable tax credits are given without regard to income for Democrat priorities such as renewable energy. These tax credits are misallocating scarce resources for areas with little potential for economic viability.
The revenues weren't down because of unemployment. They were down because the producers have cut back in what they do.
A lot of people do. But those are just weeds coming up through the pavement in Detroit.
Similar "green shoots" coming soon to a neighborhood near you.
...”$82.7 billion, the largest imbalance for that month on record.”
Bush’s fault.
Nice job POS Government Media!
This is an obvious unexpected improvement. I mean with all of the private sector jobs that are being created. Man, are we lucky or what?
That Bambi is a miracle worker. Time for another beer summit, Dumbass!
All hats off to you for spelling this crap out.
And the wheels on the bus go round and round...
OBAMA’S FAULT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
LOL. It’s hard to laugh, but ya got me!
TAX INCREASES!
The Revenue Collapse...as the Democratic Party progresses in their shutdown of America, USA.
Wha? I thought the recession wuz OVEH!?!?!?!
Please bear in mind..the 2007 budget was the last budget crafted by a Republican Congress in fall 2006-prior to Democrats assuming control of Congress.
Any competent RNC chair would be sure that fact was in every voters mind by October this fall.
BUSH RAN A QUARTER OF A TRILLION DOLLAR DEFICIT!!!!!
Obamasoros... Obamasaurus...
“You’re right. The Marxists own this. It’s all theirs. We’re just stuck with the debt.”
Not if we repudiate it.
From the article: “However, income tax payments were down this April, reflecting the impact of a severe recession which has pushed millions of people out of work.”
Partly true, but it doesn’t begin to tell the tale. The shifting of the tax burden to the few who produce a lot has had a predictable effect; those who can avoid taxation avoid it, those who can’t reduce their productivity.
Not bad really, at the rate we’re going ( that is, if we have similar budget deficits every month), the budget deficit for 2010 will be about $1 Trillion.
Isn’t that less than their estimate ?
Oh, we’re going to repudiate it. That’s the only consolation I have over any of this, is that I know in the end it CAN’T work. I understand that this is their plan, to cash in all our chips and leave us helpless, but I also know that a certain, large, percentage of this country rolls up its sleeves and pulls together in an emergency, while another big chunk sits down and waits for somebody to give them something. I know which team I’m on.
I know. I was just exposing the tendency of the opposition to condemn the mote in someone else’s eye while ignoring the beam in their own.
Yikes. It makes Clinton look good. Compared to Obama, I bet we all wish Bill was back.
Tax revenues will continue to decline as jobs are shipped overseas. Shouldn’t reducing outsourcing and the destruction of our industrial base be a conservative issue now that it has gone too far?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.