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Starving the Beast
Federal tax revenue plunged $138 billion, or 34%, in April vs. a year ago — the biggest April drop since 1981, a study released Tuesday by the American Institute for Economic Research says.
When the economy slumps, so does tax revenue, and this recession has been no different, says Kerry Lynch, senior fellow at the AIER and author of the study. "It illustrates how severe the recession has been."
For example, 6 million people lost jobs in the 12 months ended in April — and that means far fewer dollars from income taxes. Income tax revenue dropped 44% from a year…
28May2009 | The Real Deal | 0 comments | ContinuedTrillion dollar deficits for years
AP News
CHARLES BABINGTON
President-elect Barack Obama says the nation probably faces huge deficits for years to come, but heavy spending is needed now to spur the economy.
Obama said Tuesday the deficit appears on track to hit $1 trillion soon. Speaking to reporters after meeting with top economic aides, Obama said: “Potentially we’ve got trillion-dollar deficits for years to come, even with the economic recovery that we are working on.”
He wants Congress to approve a stimulus plan of about $775 billion.
The federal deficit was about $455 billion when the last fiscal year ended on Sept. 30, 2008.
My comment: If you needed a reason…
7Jan2009 | The Real Deal | 0 comments | ContinuedBiggest rally in 70 years is a deadcat bounce
Bloomberg
U.S. stocks staged the biggest rally in seven decades on a government plan to buy stakes in banks and a Federal Reserve-led push to flood the global financial system with dollars.
The Standard & Poor’s 500 Index rebounded from its worst week in 75 years with an 11.6 percent advance, its steepest since 1939, and the Dow Jones Industrial Average climbed more than 936 points. Morgan Stanley soared 87 percent after sealing a $9 billion investment from Japan’s Mitsubishi UFJ Financial Group Inc. Alcoa Inc., Johnson & Johnson, Chevron Corp. and Prudential Financial Inc. posted their biggest gains since Bloomberg began…
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