Federal Tax Revenues Plunge!

June Federal Receipts: The Dive Continues, As Does Media Near Silence

By Tom Blumer
June 30, 2009 - 16:05 ET

As we near the end of June, which is supposed to be one of the four biggest months for federal tax collections (January, April, and September are the others), it is clear that the serious receipts shortfalls are not only continuing, but have caused the March 20 projections of the administration and the Congressional Budget Office (CBO) to be outdated.

Media coverage of the ongoing receipts dive has been minimal at best. A Google News search on "federal receipts" (typed in quotes) returns on seven items, two of them originating from yours truly.

Here is where things stand as of the last Friday of June in both 2009 and 2008, per Uncle Sam's related Daily Treasury Statements:

Read the rest of the story and examine the charts here:

http://newsbusters.org/blogs/tom-blumer/2009/06/30/june-federal-receipts-dive-continues-does-media-near-silence

Well, with unemployment at 14 percent in some places, this is no wonder. With increased pressure on the existing work availability by illegals being paid under the table (who pay no taxes except sales tax) and with companies continually closing factories and moving them to cheap overseas labor markets, anyone who is surprised about loss of federal revenue has been living under a rock for the last dozen years.

I don't think too many people are "surprised"; more accurately described would be uninformed or in complete denial.

As the recession deepens into a depression those revenues will increasingly diminish at an exponential rate, thereby creating a greater and greater tax burden on those still working to fill the gap. The spiral will eventually bring about the destruction of the entire economy, but it appears either the current administration is too ill-equipped mentally to see what's coming or they are intentionally plotting the demise of our current economic model. I think it is the latter...

This really started under Nixon who opened China for trade and Daddy Bush famously in a speech about a new world order and started NAFTA, which was completed by Clinton, and W pushed for free trade agreements with everyone in the world. At the same time this country is continually open to anyone from around the world to rent or buy--the bucks and quick profit matter much more that the preservation of this country for its citizens. Try buying property in Scandinavia if you are not a citizen. But since our real estate market slumped, realtors are giving tours of foreclosed properties to any non-citizen with money--and I would not really want to pay rent on an apartment owned by the Chinese.

Earlier under Other Problems Brewing, I posted about the NAFTA superhighway which will give easy access to Mexican trucks roaming our highways. Right now Mexican trucks can deliver to a 20-mile trade zone along the border and US truckers have to take over from there, but under NAFTA the Mexican trucks can drive anywhere.
Not only will this create unfair foreign competition for American trucks, Mexican drivers and trucks do no have the same safety and inspection regulations we have for truckers in this country. And we apparently do not have the manpower (or dog power) to sniff all the big rigs entering.
The last thing I want is a Mexican truck behind me whose brakes might fail any minute. Here in Charlotte, there are already enough people on the road that do weird things.