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 ...
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?
Clinton cut a lot out of defense spending riding on the peace dividend from the Reagan/GHW Bush years.
He was also restrained on welfare spending by a Republican congress for 6 of his 8 years IIRC.
Personally I see big inflation ahead. I pulled out 80% of my house equity @ 5% fixed for 30 yrs.
That’s an excellent graph.
I’m probably a good example of going from paying max SS and Medicare tax to receiving SS @ 62 and going on Medicare in 3 yrs.
I know there are many in the same situation. It’s a no brainer that our country can’t support this. Only the Baraqqis at AARP believe there is actually a Social Security “trust fund”
I’ve decided that taxes are just a tool to punish the successful and keep the serfs in line to these people. Watering down the currency is where the real money is at, and you don’t have to ask ANYBODY’s permission to do that.
Course, at some point the Chinese may be willing to go as far as war over it, because it’s stealing from them just as much as it’s stealing from the American People.
GDO. FUBO. It’s in the bible.
vpintheak wrote: “OBAMA’S FAULT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
“
Isn’t OWEbama still trying to blame Bush for the bad economy?
Sure he is, but who beyond O-bots believe it?
Can we get a recount of Ohio?
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