Fed’s income plummets as more ‘Go Galt’
Tom Blummer has an excellent run down at Pajamas Media of current federal government spending trends, and how if they continue, the deficit projections for this year are overly optimistic — springing off the March Monthly Treasury Statement, which shows year-to-date federal spending up 33 percent over last year, while tax receipts are down 14 percent.
What’s significant in the report is the March numbers. Usually March is a good month for tax collectors, but March 2009 wasn’t. Why? Blummer offers an explanation:
It’s clear that quite a few ordinarily industrious people “went Galt” months before the tea party movement even came into existence. As a result, fiscal 2009’s deficit could come in closer to $2 trillion than to the Obama administration’s estimate of $1.75 trillion, or even the Congressional Budget Office’s $1.85 trillion.
