As Tax Revenues Drop, U.S. Borrows 40 Cents of Every Dollar Spent
Friday, February 11, 2011
(photo: Jeff Sandquist, Flickr)
The disparity between money coming in and money going out in Washington has gotten so bad that the federal government now must borrow 40% of everything it spends.
With a tepid recovery following on the heels of a severe recession, tax revenues are at their lowest since 1950, which has helped balloon the budget deficit to a projected record of $1.5 trillion.
Americans collectively will pay 13% less in federal incomes taxes in 2011 than they did during the last year of President George W. Bush years, marking the third straight year that tax receipts have been lower under President Barack Obama.
By One Measure, Federal Taxes Lowest Since 1950 (by Stephen Ohlemacher, Associated Press)
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