Deficit expands even faster as Federal Tax Revenues Crater
Oh my.
This Is What ‘Going Galt,’ and Obama’s Induced Uncertainly and Fear, Have Led To
TBlumer
BizzyBlog The Busy End of the BlogosphereSummarizing the past quarter’s receipts after the release of today’s Monthly Treasury Statement:
Receipts, which I had estimated would be $230 billion in June, came in at $215.4 billion. O…M…G.
Just to be clear, last year’s $866.7 billion above excludes about $78 billion in stimulus payments, which were treated (incorrectly, in my opinion) as negative receipts. Regardless of their treatment, they had nothing to do with tax collections from economic activity during the quarter. This year’s second-quarter receipts on the valid “economic activity” measurement came in almost 31% lower than last year.
More on this, and the deficit, later tonight.
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UPDATE, 11 p.m. — The AP’s Martin Crutsinger outdid himself in sloppiness and deception in his report on the deficit and his Meltdown 101 Q&A. It’s too much to get to this late at night. We’ll have at it tomorrow.
Just know that the June deficit of $94 billion is a record for the month of June by miles and miles (every June from 2008 back to 1997 shows a surplus) — and, as explained before, it doesn’t even include all outlays any more.
That’s a 30.9% drop year on year for the second quarter.
