Posted on 06/15/2009 11:03:41 AM PDT by pissant
It’s pretty hard to dress up a disaster as something less than that, but the Associated Press’s Martin Crutsinger gave it his best shot in his report yesterday about Uncle Sam’s the May Monthly Treasury Statement, in effect understating the amount and significance of federal government’s rapidly deteriorating financial situation.
With the help of dubious handling of last year’s stimulus payments in May 2008’s Treasury Statement, Crutsinger ignored serious declines in tax receipts from economic activity that are, if anything, accelerating. I’ll cover that problem in this post.
Additionally, after only briefly mentioning it last month (noted at the time at NewsBusters and at BizzyBlog), Crutsinger grievously erred in his explanation of how a convenient “accounting change” Treasury implemented in April relating to accounting for its Troubled Assets Relief Program (TARP) has affected the reported year-to-date deficit. That is the subject of Part 2.
(Excerpt) Read more at cdobs.com ...
Obamanomics at its finest.
He should have said that everything is above his pay grade.
We are doubtless well to the right of the Laffer curve peak. Tax relief will bring in more money than was cut by letting things grow again.
paging Mr. Galt......Mr. Galt......
Remarkable, isn’t it? What Mr. Obama knows about economics couldn’t fill a thimble.
However, he is a real pro at spending OUR money.
Nice going, prexy.
holy crap
..a borrowed thimble!
But a fixed and improved thimble! Purchased with Treasury Bonds.
Hah!
Corporate receipts in March and April 2009 before refunds were 42% lower than in the same two months of 2008. April’s receipts from “non-withheld” individuals before refunds were 35% lower than in April 2008. Given the current economy, June 2009’s dive in collections compared to June 2008 promises to be very, very steep.”
I know, I know..it’s George W. Bush’s fault that May 08 tax receipts were UP (+4.6%) and May 09 tax receipts were down (-31.8%).
“However, he is a real pro at spending OUR money.”
Don’t you mean our credit card?
A behind the scenes tax revolt?
Would that "accounting change" be the printing of duplicate bonds in the amount of $134 Billion to be sold in Switzerland?
It really isn’t any more complicated than that.
The questin is, besides pigloser, who is surprised?
Refresh my memory. Did the latest 5 Year Plan start in 2008 or 2009? The numbers are so huge I'm getting my dates mixed up.
We need a major war.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.