As Tax Revenues Drop, U.S. Borrows 40 Cents of Every Dollar Spent

[The Straight Story]

As Tax Revenues Drop, U.S. Borrows 40 Cents of Every Dollar Spent

The disparity between money coming in and money going out in Washington has gotten so bad that the federal government now must borrow 40% of everything it spends.

With a tepid recovery following on the heels of a severe recession, tax revenues are at their lowest since 1950, which has helped balloon the budget deficit to a projected record of $1.5 trillion.

Americans collectively will pay 13% less in federal incomes taxes in 2011 than they did during the last year of President George W. Bush years, marking the third straight year that tax receipts have been lower under President Barack Obama.

http://www.allgov.com/Top_Stories/ViewNews/As_Tax_Revenues_Drop_US_Borrows_40_Cents_of_Every_Dollar_Spent_110211

[rfranklin]

1. This is working out well, isn't it?

The "lower taxes and increase revenues" theory is really working well. Almost as well as the "lower taxes to increase jobs" scheme.

[Poboy]

6. And to have a Democratic president, and for two years a Dem congress,

all overseeing this is an OUTRAGE.

[katnapped]

2. Time for another tax cut, me thinks! n/t

[JHB]

3. ...and can't afford those luxurious "hammock" entitlements, either.

[aquart]

4. OR we could tax the rich.

[HughBeaumont]

8. THAT'S JUST CRAZY TALK!!!!1!1!!1!!

Where would the innovation come from? How would they create jobs? How do you ever expect them to thrive with just ONE home??? WON'T SOMEONE THINK OF THE OBSCENELY WEALTHY??

:sarcasm:

[xchrom]

5. deal with corporate welfare queens and deal with them

swiftly and harshly -- you'll find some money there i think.

[mmonk]

7. Yep. It's why the tax deal was the ultimate Republican victory

and the ultimately stupid thing to do. They win without a shot and before the yellow flag confederates even took office.

[Poboy]

9. .

[edhopper]

10. Just as planned

Now the GOP House, with the willful cooperation of the Obama WH, can throttle government services to the people.