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ouled derradj, m'sila, Algeria
أنا خليفة بركة من الجزائر أعمل أستاذا للغة العربية زاولت مهنة التعليم منذ 1990 ثم توقفت بسبب المرض ...

Monday, August 3, 2009

BIG GOV EXPANSION PROBLEM: Biggest revenue drop since 1932

Last week, the publicity outfit helping Ben Bernanke tout the need for the increased regulatory power for The Fed did a great job in getting most of the news producers and editors in America to continue the con job upon the American people. Their objective is to get us to believe that the economy is on the road to recovery. Don't believe it for a second.

Below is an excerpt from a AP News Story on the problems the Big Government Expansionists are facing, but not facing up to. The promises being made by Obama and most other politicians on both sides of the isle are simply unsustainable. This story is a partial reflection of what Congressman Paul has been echoing, non-stop.

This story is a testament to the fact that the Federal Government needs to reduce spending, stop promising more entitlements, bring back a mindset of self sufficiency amongst the American people and shrink the size and scope of the Federal Government।

The counterfeit money presses cannot just print and print fiat money forever. The jig is up.

Greg Chamberlain

WASHINGTON – The recession is starving the government of tax revenue, just as the 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 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 ago. Corporate income taxes are down 57 percent. 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 Depression.

"Our tax system is already inadequate to support the promises our government has made," said Eugene Steuerle, a former Treasury Department official in the Reagan administration who is now vice president of the Peter G. Peterson Foundation.

For the rest of the story, go to: http://news.yahoo.com/s/ap/us_plummeting_taxes

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