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Old 05-18-2009, 09:47 PM
 
Location: Great State of Texas
86,093 posts, read 69,893,919 times
Reputation: 27519

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Looks like it's going to get worse before it gets better.

Zero Hedge: Guest Post: Tax Revenues Tanking

snippet:
  • In 2007 and 2008, government tax revenues averaged about $633.15 billion per quarter. For the first quarter of 2009, however, the numbers just in tell us that tax receipts totaled only about $442.39 billion -- a decline of 30%.
  • Looking to confirm the trend, we compared the data for April – the big kahuna of tax collection months – to the 2007-2008 average, and found that individual income taxes this year were down more than 40%. The situation is even worse for corporate income taxes, which were down a stunning 67%!
  • When you add in all revenue from all sources (including Social Security revenue, government fees, etc.), the fiscal year-to-date – October through April – revenue shortfall comes to 19%, vs. the 14.6% projected in Obama’s budget. If, however, the accelerating shortfall apparent year-to-date, and in April in particular, continues, the spread between projected and actual tax receipts will widen considerably.
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Old 05-19-2009, 04:21 AM
 
Location: Rockland County New York
2,984 posts, read 5,122,987 times
Reputation: 1285
Quote:
Originally Posted by HappyTexan View Post
Looks like it's going to get worse before it gets better.

Zero Hedge: Guest Post: Tax Revenues Tanking

snippet:
  • In 2007 and 2008, government tax revenues averaged about $633.15 billion per quarter. For the first quarter of 2009, however, the numbers just in tell us that tax receipts totaled only about $442.39 billion -- a decline of 30%.
  • Looking to confirm the trend, we compared the data for April – the big kahuna of tax collection months – to the 2007-2008 average, and found that individual income taxes this year were down more than 40%. The situation is even worse for corporate income taxes, which were down a stunning 67%!
  • When you add in all revenue from all sources (including Social Security revenue, government fees, etc.), the fiscal year-to-date – October through April – revenue shortfall comes to 19%, vs. the 14.6% projected in Obama’s budget. If, however, the accelerating shortfall apparent year-to-date, and in April in particular, continues, the spread between projected and actual tax receipts will widen considerably.
I wonder what the Chinese are thinking about this information. Will they dump our debt? In short, unless the government taxes the people are an even greater rate, they it will go bankrupt. Bye bye social security.
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Old 05-19-2009, 06:16 AM
 
1,735 posts, read 4,137,914 times
Reputation: 1436
The government should get the same haircut that they have allowed the big corporations to give to the workers.
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Old 05-19-2009, 07:02 AM
 
369 posts, read 377,318 times
Reputation: 185
Does the Govt or the so called experts EVER predict ANYTHING right? Lets see when I was working in 2007 I made around 60k for the year.

After my job was outsourced and me only finding a job delivering pizza and unemployment I made 10k.

Sooooo hmmmm you think I payed more taxes in 2007 or 2008?

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Old 05-19-2009, 08:15 AM
 
Location: Heartland Florida
9,324 posts, read 23,234,062 times
Reputation: 4895
The funny thing is that watching the news yesterday there was a sory on how college graduates are having trouble finding jobs. One was in the guy working out to prepare for one of the few jobs in demand-FBI agents. I wondered if government is the only sector of employme that is growing and we have a huge growing debt, will those government employees be the next to be layed off? If not how can they be payed for? Hyperinflation seems the only logical result.
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Old 05-19-2009, 09:46 AM
 
369 posts, read 377,318 times
Reputation: 185
Quote:
Originally Posted by tallrick View Post
The funny thing is that watching the news yesterday there was a sory on how college graduates are having trouble finding jobs. One was in the guy working out to prepare for one of the few jobs in demand-FBI agents. I wondered if government is the only sector of employme that is growing and we have a huge growing debt, will those government employees be the next to be layed off? If not how can they be payed for? Hyperinflation seems the only logical result.


But whats Obamas solution to the economy? He tells people to go to college? As if there arent tons of college grads who get out of school have student loan debt and cant find work (except maybe the walmart jobs that they didnt need a degree for in the first place)
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Old 05-19-2009, 10:57 AM
 
25,824 posts, read 49,712,454 times
Reputation: 19267
People voted for change
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Old 05-19-2009, 11:50 AM
 
Location: Chino, CA
1,458 posts, read 2,898,537 times
Reputation: 546
Quote:
Originally Posted by tallrick View Post
The funny thing is that watching the news yesterday there was a sory on how college graduates are having trouble finding jobs. One was in the guy working out to prepare for one of the few jobs in demand-FBI agents. I wondered if government is the only sector of employme that is growing and we have a huge growing debt, will those government employees be the next to be layed off? If not how can they be payed for? Hyperinflation seems the only logical result.
If the government lays off people they'll still have to pay for it one way or another through unemployment and increase use of government services.

So, I guess they'll have to go with plan B, and have government incur more debt to sustain services and employees. Pay-cuts, furloughs, reduced benefits would probably be more favorable for governments rather than lay offs.

-chuck22b
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Old 05-19-2009, 11:55 AM
 
Location: Chino, CA
1,458 posts, read 2,898,537 times
Reputation: 546
Quote:
Originally Posted by Ultrarunner View Post
People voted for change
Things are changing... and it really doesn't matter who you voted for. The economy, and world economy for that matter, is adjusting and contracting regardless of who is President.

We have a lack of demand and over capacity problem (surplus). Hence at the moment being more productive really doesn't matter (ie, getting education or training). We actually produce more than we consume (more oil, more cars, more computers, more consumer goods, more food), and the monetary system is playing catch up to the credit bubble that allowed it to happen.

Makes you kind of wonder how ineffective the monetary system is doesn't it? We have production capacity, labor, resources, etc., but the people are just sitting around because there isn't any demand. Houses are left empty or destroyed, food is left on shelves to rot, cows are slaughtered because of low demand for milk and beef, cars are sitting in parking lots while people are walking or can't find transportation, oil is stored or under produced to limit the flow.

-chuck22b
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Old 05-19-2009, 12:35 PM
 
25,824 posts, read 49,712,454 times
Reputation: 19267
Quote:
Originally Posted by chuck22b View Post
Things are changing... and it really doesn't matter who you voted for. The economy, and world economy for that matter, is adjusting and contracting regardless of who is President.

We have a lack of demand and over capacity problem (surplus). Hence at the moment being more productive really doesn't matter (ie, getting education or training). We actually produce more than we consume (more oil, more cars, more computers, more consumer goods, more food), and the monetary system is playing catch up to the credit bubble that allowed it to happen.

Makes you kind of wonder how ineffective the monetary system is doesn't it? We have production capacity, labor, resources, etc., but the people are just sitting around because there isn't any demand. Houses are left empty or destroyed, food is left on shelves to rot, cows are slaughtered because of low demand for milk and beef, cars are sitting in parking lots while people are walking or can't find transportation, oil is stored or under produced to limit the flow.

-chuck22b
I couldn't resist and of course... you're right.

I work in a mid-size medical facility in CA and this place was going nuts when the new administration was elected and totally over the top on inauguration day... all I heard everyday was change is coming...

It was totally irrational the things my co-workers were saying... how overnight the economy will be fixed, the troops are coming home and people won't be forced from homes they can no longer pay for... and the biggest one... Health-care for all...

This facility has NEVER had a lay-off or cutback ever... till 6 weeks ago

I'm not political... not even a Democrat of Republican.
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