Federal tax revenue plunged $138 billion, or 34%, in April vs. a year ago — the biggest April drop since 1981, according to a study released by the American Institute for Economic Research. The decline is a result, of course, of the recession. It's a stunning number.
Given the huge spending, this certainly signals even more borrowing that the Treasury will have to do. As AIER points out, the deficits have largely climbed as a result of increased spending. Now, they are being pushed higher from the spending and revenue side. Outside of Ben Bernanke, who is going to buy all this debt?
AIER's Richard Ebeling discusses the numbers on FOX News, here.
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