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September Federal Budget Shortfall Defecates On America

The real time Federal Income Tax Withholding data began to signal to us in early September that the economy was beginning to snap back from what appeared to be a collapse in August. Subsequent economic data has borne that out. This “recovery” of economic data has provided pundits with the ammo they need to go all out promoting the rally to the suckers who actually pay any attention to CNBS. Ironically, however, the current withholding data only shows the economy treading water, neither contracting, nor expanding. That will lead to some disappointment when investors begin to catch on in a month or two.

At the same time, total tax revenues are plunging, thanks to the fact that corporations no longer pay taxes in the United States. The shrinkage of corporate tax collections accelerated in September. Pretty soon we taxpayers may be paying big business for privilege of buying the crap that they build in China. Big corporations will need to make no contribution whatsoever to paying the government’s bills, and in fact, may be taking out in subsidies and tax abatements more than they pay in if this trend continues. It’s a crime in the figurative sense, but it’s perfectly legal.

As a result of the amazing disappearing tax collections, September’s federal budget shortfall was the worst in history.

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