Tax Revenue: Biggest drop since 1932

AP ENTERPRISE: Biggest revenue drop since 1932
AP ENTERPRISE: Plummeting tax revenues starve government just as Obama embarks on big plans

It's an AP article, so I won't quote it here. Do follow the link

Quick Recap:

Tax revenue down 18% while Federal deficit balloons to $1.8 Trillion

Individual Income Tax down 22%
Corporate Tax down 57%

The National Debt is already over $11 Trillion as the House just passed bills to increase domestic spending by another 11% and Military Spending by another 4%

When are they going to realize, THERE IS NO MONEY and STOP SPENDING WHAT WE DON'T HAVE?????

We already had a basic FAIL on the last 5yr Bond sale & China, our biggest debt buyer, was absent from that sale and the 7yr T sale last week.

We are broke folks, yet the folks elected to represent us refuse to see that and keep on spending like drunken sailors

When will we en masse stand up and say NO MORE!!!

And it seems like our Federal Officials just won't stop...

WASHINGTON (MarketWatch) -- The U.S. government is expected to borrow $406 billion in the current quarter, the Treasury Department said Monday. The borrowing estimate is $109 billion less than estimated three months ago. The decrease in the estimate is due to some repayment of bank bailout funds and less investment than expected in Fannie Mae and Freddie Mac, the agency said. For the October-December quarter, the government is expected to borrow $486 billion, the government said. In the three months ending June, the government borrowed a $343 billion. The Treasury will announce on Wednesday the sizes and terms of its quarterly refunding auction

I am really starting to believe they are purposely driving us to destruction from the inside out.

Yes, the Federal government is broke. What is coming next is tax hikes for the middle class. The bankster bailouts will be paid for with our hard earned money. You will see, it will be our patriotic duty to pay more taxes.

We can only hope America wakes up and says enough is enough.

Two solutions I think Government might pick from.

1) print more money

or

2) Let loose the dogs. Increase taxes and let the IRS go after more average Americans who are unfamiliar with tax laws, can't afford to hire a CPA, who fear that the government will take everything they got in an effort to get these folks to settle over a debt that really isn't owed.

Do you folks still believe we can pay for SS, medicare, medicaid, new health program, 2 wars, and everything else we are paying for?

[edit on 3-8-2009 by jam321]

Originally posted by jam321
Two solutions

1) print more money

or

2) Let loose the dogs. Increase taxes and let the IRS go after more average Americans who are unfamiliar with tax laws, can't afford to hire a CPA, who fear that the government will take everything they got in an effort to get these folks to settle over a debt that really isn't owed.

Do you folks still believe we can pay for SS, medicare, medicaid, new health program, 2 wars, and everything else we are paying for?

Yes, let the US Dollar tank and print more money will do the trick...

If they release the dogs, get ready for Civil War II...

reply to post by jam321


The government spends our money....catering to the rich and corporations....which will in turn force ALL of us to have to pay for it...or to force in another currency. Either way....we pay.

The sovereignty of our country...and others....is disappearing at an alarming rate.

People state that the USA is turning into the USSA.....hell.

It's more like UCA....United Corporations of America.

Our government does work for people anymore....corporations have all the say in how we live our lives...and they do it through our government.

reply to post by David9176


I hear ya David. That is why I laugh hysterically when I hear the government saying that they will tax the rich and corporations more.

It isn't going to happen because no matter how much they tax them, we the people will ending up paying the bill. The rich/corporations will merely pass their portion on to the consumers.

reply to post by jam321

It isn't going to happen because no matter how much they tax them, we the people will ending up paying the bill. The rich/corporations will merely pass their portion on to the consumers

It's a shame isn't it? We can all sit here and argue our ideology and beliefs...but in the end it doesn't matter anymore because our voices no longer matter.

Oh...and this I cannot believe....I listened to GB on the radio today....and he said something which I couldn't believe....especially from him....

"Corporations run our government."

Couldn't believe it and I"m starting to wonder if his "staff" has been reading my posts!

I believe that this is issue...and the federal reserve.....are the TWO things we can all agree are totally screwing us. Yes our government sucks...but it sucks because of those who taint it.

People just need to get off the birth certificate train..they are wasting their time.

guys it appears clear what will happen and considering how f'n shadey the world and our monetary system is they should stave off a collapse for a couple years.

THE gov't will spend more money than they have ......they will continue to do so because THEY CAN.....and this keeps the pitchforks at bay....and keep the azz backwards system running a bit longer ...they are going to eventually reduce the level of debt...this will be a freakin adventure...but in the meantime..the interest on the nationa debt is not inhibiting them now and it won't for a couple years at least.

the EXTRA MONEY i.e the treasury bonds sold buy the treasury dept will be bought BY THE FED.....this is called monetization........i.e watch for the fed's balance sheet to continue to EXPAND.....it's a neat little trick for them that is a no brainer.......they may even stop disclosing info about treasury auctions so that ^ foreign buyers don't decide they know the fed can just buy what they don't ^........that is the disturbing part......so the fed has to act like they will be small players.....but be willing to be big players....but not really make that obvious to foreign holders.

last time the world went thru something similiar to this sort of depressionary Process.....most country's technically pulled out of the slump after they did ONE TIME DEVALUATION's of the currency.....i.e you wake up to find that the price of gold is doubled ...the amount of debt you owe is cut in half.....the amount of money you make is adjusted upwards (not doubled company's will stiff you)....and your savings is also cut in half....with some iou's thrown in.......this will probably occur a few years down the road when gov't intrest rates can't be artificially held down anymore and the payments on higher and higher debts starts exponentially growing like some poor guys credit card debt. Maybe that or sometype of new monetary system where old debts are wiped out .....for those that can wrap their heads around it ....one thing is clear.....the powers that be sure would have things ALOT EASIER IF HALF the worlds population would just perish in a global pandemic......no more unemployment problems....no more medicare problems...no more social security problems........no "over population" no food shortages.......no pitchforks pointed at them.........say can anyone get a dr. to give me a note that says i took the experimental flu vaccine that they will be giving out in a emergency rush this fall......

ya corporations run out gov't......because of the influence their lobbyists have on our congressmen and the amount of former business executives doing their stint in public office or regulatory agency's........oh and regulatory agency's ha ha ha......they are watched closely by the fox's or run by them.......and the divisions that actually have any teeth go unfunded...or under staffed lOFL


[edit on 3-8-2009 by cpdaman]

It is pretty darn clear why the Federal Reserve is fighting the Ron Paul introduced Bill to audit the Federal Reserve....

The deficit is probably 2 Trillion in legitimate transactions and the other 9 Trillion are over draft fees at $35.00 a pop!

Don't feed the beast!

reply to post by cpdaman


Your analysis of the situation is nearly spot on. Monitization of the treasury debt is the only way they will be able to keep the hampster in the wheel for a little longer.
We have to get a grip on the FED,and make them accountable to the people. If the truth ever makes it to light, the sheeple will die from fright!!!

Seriously, what to do they expect with so many people laid off work?
It also puts into doubt the official jobless numbers the Gov. releases.

Raise taxes on the few of us left who still have jobs? Tax the small businesses that have managed to stay open through the recession into oblivion? That is exactly what the Dems plan on doing. But fear not, you'll have govt run health care!