Posted on 04/11/2009 11:44:05 PM PDT by FromLori
And you think we'll all be ok, and Obama can sustain his little game with spending eh?
Treasury receipts say otherwise:
Current year deficit thus far is nearly $1 trillion dollars - half way in.
Worse, monthly receipts have fallen off a cliff, down nearly thirty percent compared to last year (for March.)
From January to March last year Treasury took in $540 billion (rounded to the billions.) This period is important because it brackets the 1120 corporate tax return period, and this includes "settlement" of those obligations.
This year the same three months took in $442 billion, a decrease of 18%, and the rate of decline has accelerated precipitously in the last month.
This month, April, of course should be very heavy in terms of remittance, since this is when individual 1040s (along with their individual payments) are due.
(Excerpt) Read more at market-ticker.denninger.net ...
Ta Daaa !
Can’t say I’m surprised that Uncle Sam is getting less money this year than he did last. Obama did get elected, so the economy is crap.
D.C. initiated hostilities with these people whether they realize it or not oh they realize it D.C. hates small businesses it’s easier to take over GM than a mom&pop operation control is everthing small business is the back bone of this country.
Zimbabwe shelves own currency for a year: report
Sun Apr 12, 2009 6:57am EDT Email | Print | Share | Reprints | Single Page [-] Text [+]
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HARARE (Reuters) - Zimbabwe will not use its own local currency for at least a year, a state newspaper reported on Sunday, while it tries to repair an economy which critics say was destroyed by President Robert Mugabe.
The southern African state has allowed the use of multiple foreign currencies since January to stem hyperinflation which had rocketed to over 230 million percent and left the Zimbabwe dollar almost worthless.
The state-controlled Sunday Mail said the unity government of Mugabe and opposition leader Morgan Tsvangirai decided the Zimbabwe dollar should only be reintroduced when industrial output reaches about 60 percent of capacity from the current 20 percent average.
“The Zimbabwe dollar will be out for at least a year. We resolved that there will be no immediate plans to (re)introduce the money because there is nothing to support and hold its value,” the newspaper quoted Economic Planning and Development Minister Elton Mangoma as saying.
“Our focus is to first ensure that we have a vibrant industry. If we try to reintroduce the local currency now, it will face the same fate of being wiped out of its value within weeks.”
On Thursday, Zimbabwe’s Central Statistical Office (CSO) said consumer prices fell for a third straight month in March after the government abandoned its worthless currency.
The CSO said inflation stood at -3.0 percent month-on-month in March compared with -3.1 percent in February, as food prices fell.
Critics say Mugabe, who has led Zimbabwe since independence from Britain in 1980, has destroyed one of Africa’s most promising economies through controversial policies, including the seizure of white-owned commercial farms for redistribution to inexperienced black farmers.
Mugabe, 85, denies the charge and says the economy has been sabotaged by enemies opposed to his nationalist policies.
Zimbabwe is seeking an urgent cash injection of $2 billion to stabilize an economy suffering unemployment above 90 percent and a severe shortage of foreign currency.
Western donors have held back aid, demanding the unity government in which Tsvangirai is the prime minister undertakes political and other reforms.
(Reporting by Cris Chinaka; Editing by Sophie Hares)
© Thomson Reuters 2009 All rights reserved
Thanks for posting. Very interesting. Financial oligarchs voodoo economics BUMP!
These people politically need to be stopped, and fast! Unfortunately, you're not going to do this with moderates and rino's. However, you can do it if lazy, politically good for nothing conservatives get off their asses and starting changing the culture.
I would say these "tea parties" are a good start.
I am not the least bit enamoured of O, Geithner, Bernanke and their socialism for $50m a year banker ways.
But it is many years of Republicanism and Greenspan's expansionist monetary policy that put this economy in the toilet. No President can destroy an economy in 3 months short of nuclear warfare.
The economy has been going downhill for decades. What you are complaining about is the crisis that resulted, but that is like complaining about the angina attack after a lifetime of big macs with supersized fries.
Along this line has anyone received a California income tax refund this year.
Several people, we know, who filed early and supposedly had a Ca income tax refund have not received those refunds. The refunds were supposedly sent to their checking accounts.
Not only California.
North Carolina owes me $170.
Are they going to send me a check? NO
I get a check for $70 and a ‘credit’ of $100 toward next year’s tax.
I can assure you I won’t over pay this year.
That is incredible.
Our CPA felt that Ca at first was going with IOU’s and supposedly the budget was approved and refunds would be granted.
So the state is slowly going through and approving the refunds from the big and rapidly growing pile.
Really and the 8 years of the Clinton administration who reappointed Greenspan have no hand in this. Especially since the dot com bubble happened during the democrats admin.
The economy has been going downhill for decades.
It's called the business cycle and the democratic congress of the last 2 years and the fully democratic controlled government of the last 4 months has only exacerbated the economic decline.
To pin this blame on the Republicans is ridiculous. I would much rather have the republican's poor spending policies over the current steroid driven spending the democrats have in place.
Look at total credit to GDP trends. We didn't get her since January. This has been building for decades. Worst culprits were Reagan (ok we were trying to win the cold war), Bush 1, and Bush 2. It sort of leveled out under Clinton. Bush 2 was completely and totally out of control.
In the "business cycle" credit expands for a few years and then contracts. This is a long term secular trend upwards in financial degeneracy. It is a national disease. Indeed, it is an international one. We finally hit the skids where printing money does not create wealth.
the democratic congress of the last 2 years
Look at the trends man. This has been going on for decades. Democratic congresses, Republican congresses. Indeed, Gingrich dispaired when he discovered that after the Gingrich revolution the pubbies turned out to be as bad as the demonrats.
You want to see the real problem. Look in a mirror. Get over your denial. You will be a better person for it.
“...there is nothing to support and hold its value,”
Uh-oh.
The only one in denial is you thinking this is a republican problem. You seem to equate Greenspan's mismanagement with the republicans and I only point out that he was reappointed during 2 terms of a democratic president.
You also jump to the conclusion that I approve of the republican spending and I merely was pointing out that it was much less than what the democratic congress has allowed over the last 2 years.
The Senate by the way has not been philabuster proof even when there was a republican majority. So democrats have had the ability to stop spending during virtually all of the graph you displayed and have done nothing. In fact when it concerns the credit crunch they were the biggest defenders of freddie mac and fannie mae.
also your graph doesn't display the fact that under Carter the economy was in the toilet yet it seems we were on pretty good footing based on only GDP vs credit. Perhaps you're too blinded by your love for democrats to remember there was double digit inflation, double digit interest rates, and double digit unemployment. All while congress was controlled by the democrats.
I apologize for attacking your delusion that republicans = bad and democrats = good. The reality is except for Ronald Reagan and year 1 maybe 2 of the contract with america it's been:
republicans = so so
democrats = awful.
This is only on economic policy don't start me on defense policy because the democrats have done more damage in 3 months than I thought was possible.
Your check is on the way GDave. We paid our state and fed estimates this week...
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