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What will happen when we shed anther 4+ million jobs?
For all those who think the worst is behind us:
AP ENTERPRISE: Biggest revenue drop since 1932 (http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/08/03/national/w092208D68.DTL&tsp=1#ixzz0N8wJpW8X - broken link)
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 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.
Where is everyone that was saying Obama has fixed everything and that we're on a path to recovery?
Nobody said anybody has already fixed everything. That's your fabrication. The markets are improving, like it or not. Recessions don't magically end in one day. It took Bush and friends 8 years to completely destroy the economy.
Where is everyone that was saying Obama has fixed everything and that we're on a path to recovery?
They can best be described by one of the article's more insightful comments: "Combine a happy ignorance of fundamental economics with lots of wishful thinking and you get the prototypical "we can afford it" modern American dupe... easily seduced by clever marketing, and even more easily seduced into believing government can provide abundant goods and services with minimal cost. It seems reality will have to bite very hard to dispel this fantasy..."
But, but, but.....Obama promised "change". Is Obama not honest? Obama said he would add 3 to 4 million jobs. Obama said unemployment would peak around 9%. Obama said he had a way to pay for his healthcare scam. Obama promised "CHANGE".
They can best be described by one of the article's more insightful comments: "Combine a happy ignorance of fundamental economics with lots of wishful thinking and you get the prototypical "we can afford it" modern American dupe... easily seduced by clever marketing, and even more easily seduced into believing government can provide abundant goods and services with minimal cost. It seems reality will have to bite very hard to dispel this fantasy..."
LOL...that is priceless and SO applies to the hopeychange fanatics.
Nobody said anybody has already fixed everything. That's your fabrication. The markets are improving, like it or not. Recessions don't magically end in one day. It took Bush and friends 8 years to completely destroy the economy.
The market is probably THE worst indicator to the overall health of the current economy.
When/if your income falls, and falls DRAMATICALLY, do you increase your personal spending?
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