From the Deseret News: Tax Revenues Keep Nosediving
“The recession is starving the government of tax revenue, just as the president and Congress are piling a major expansion of health care and other programs on the nation’s plate and struggling to find money to pay the tab.
The last time the government’s revenues were this bleak, the year was 1932 in the midst of the Depression.
‘Our tax system is already inadequate to support the promises our government has made,’ said Eugene Steuerle, a former Treasury Department official in the Reagan administration who is now vice president of the Peter G. Peterson Foundation.
‘This just adds to the problem.'”
What was the reason for the giant rush for President Obama and Democrat members of Congress to pass an unread 1000-page health care bill before the August recess, especially since it wouldn’t be scheduled to take effect until 2013? Is it because they don’t want us to find out that we can’t afford it? Maybe; there are a myriad of reasons why the bill is a horrible thing to happen to our country, but this may be just one of many. Treasury Sec Turbo-Tax Tim Geithner said he wouldn’t rule out a tax increase on the middle class to pay for it before Press Sec Gibbs bumbled through a kind of retraction of that idea the next day. But it’s either raise taxes on working families or stop spending all this money. Which choice is the United States government more likely to make? Probably the same as any other addict’s.