"Government Receipts Down 34% Year over Year
Bloomberg noted with regards to yesterday's budget release:
The U.S. reported the first budget deficit for April in 26 years, recording a shortfall in the month that usually sees a jump in individual tax payments before the Internal Revenue Service’s mid-month deadline.Stripping out receipts ONLY, we see a whopping 34% decline from April 2008.
“When the government can’t post a surplus in April, you know things are dire,” said Richard Yamarone, director of economic research at Argus Research Corp. in New York. “It’s going to take a very long time until we see anything close to a balanced budget.”