Recession's toll comes as Congress and president try to fund programs
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.
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10 comments:
Well freakin' DUH. Guess I'm the only one who saw that coming????????????????????????
Hey, got any news flashes for today?
And a note to the blogger on a previous post re: Bush's spending on the WOT - at least his tax cuts generated more tax revenues to pay for it.
Thanks for posting Joe.
And what do you think the liberals will come up with to solve this problem? Think real hard now. Oh, I bet they will raise taxes. That is sure to solve the problem, just like O'Malley's sales tax increase generated so much more revenue of Maryland. The democrats are killing us and the repbulicans don't seem to be able to stop it.
I agree with orson. the recession is starving our governmenyt of tax revenue. If we are unable to collect tax revenue how will we dress to express our rabid but factually unsupported ideas.Keep it rocking. love the blog. Who will pay those bills dang it!!
I know who will pay the bills. ACORN ACORN ACORN
ACORNN will pay the bills but it is our money :( This IS just killing us financilly and legislatively!! We are no longer a true democracy.I agree with orson johnson.if we dont know who people are telling us to dress during the next tea party on 9/12 how will we no what to do. I am a conservative liberal but i am paralyzed with fear until you tell me how I should react. But just rememeber we cant have liberty until evreyone gets together and shows our democracy that we are a republic united under liberty.
We are in a recession. We are also going into another DEPRESSION. I lived in the one of the 30's. I will be able to live in this one.
How many will be able thru this one. I know my family will be able. Will yours?
Bonnie I read the same article. They raised taxes for any business in Maryland and many of them packed up and moved. They raised the taxes on the millionaires and they too either moved or just changed their state of residents to where another one of there houses are. Either way the state is getting less in taxes overall
We are not in a depression?
10:30-Luckily for those of us who either lived through a depression OR was raised by grandparents who did conditioned their life for the possible worst. I am lucky to have watched how my grandparents lived and listened as they beat the depression stories into my head and I have beat these values into my young adults as well. All schools should teach a survival 101 class.
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