Atlas Shrugged...now non-fiction: Plunging Tax Revenue Accelerates Debt Ceiling Deadline

Posted by $ Markus_Katabri 1 week, 6 days ago to Economics
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From Richard Rubin at the Wall Street Journal:

Plunging Tax Revenue Accelerates Debt-Ceiling Deadline
With pandemic, tax collections boom, then bust: Is federal budget starting to resemble California’s?
Wall Street and Washington got jolted this month by government warnings that the U.S. could become unable to pay all its bills as soon as June 1. That crunch came months sooner than expected, raising the specter of a default on federal obligations unless Congress increases the debt ceiling.

The reason: the expected annual gusher of tax-season payments didn’t flood into the Treasury. When the Congressional Budget Office analyzed tax collections for the current fiscal year through April, the tally fell about $250 billion short of predictions from just a few months ago.
SOURCE URL: https://www.wsj.com/articles/plunging-tax-revenue-accelerates-debt-ceiling-deadline-58816deb

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  • 11
    Posted by mccannon01 1 week, 6 days ago
    I'm not going to subscribe to read the article, but it seems to me people have to work to pay taxes and if the government is paying people enough to not work and other good jobs are exported to China, then who's paying the taxes? It's like shutting off the water and then acting all surprised nothing is coming out of the hose.
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    • 11
      Posted by $ 1 week, 6 days ago
      I didn’t subscribe either. Just caught the teaser blurb. Which was pretty much what we all already knew but now a mainstream propaganda mouthpiece is finally catching up to us.
      Go figure.....you shut the economy down. Pay people to stay home.
      Print money and choke off energy.
      Then continually lie to people that see their Walmart Bill increase that there is no real inflation. And if they say anything to the contrary it’s because they’re racist.
      The economy contracts and you have less tax revenue.
      But, let’s just keep spending like drunken sailors and bailing out our friends while the dollar devalues.
      Who would have thought the American People would stop spending and start preparing for the inevitable?
      And if we have the audacity to point these facts out we are met with a Greta inspired icy stare and a shrieking “How Dare You!”
      Screw em’....LET it burn!
      What are we gonna do? Go punch a purple haired kid in the face? He doesn’t control the levers of power. And then we get put in a cage.
      I guarantee the government expects a full on frontal assault. And they are prepared for it.
      Look at 1/6/21. The GOP sure was on the side of the Patriots.......not.
      The single best solution is to Go Galt! Hard!

      We are not wrong.
      A does in fact equal A.
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    • Posted by term2 1 week, 3 days ago
      Its a problem that has no solution. For US citizens to pay off the debt is just NOT possible. They don't have the money. The debt will NEVER be paid, so that means devaluation of the dollar, or complete abandonment of it. That means terrible depression as anyone with wealth in dollars is immediately rendered bankrupt. A BIG mess to say the least.
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      • Posted by $ 1 week, 1 day ago
        Absolutely correct. They have no intention of paying down the debt. Or getting inflation under control.
        Their plan requires both of them. Paying the debt holders with worthless dollars is the plan. Which is why I ask.....WTF are we STILL working for??? Go Galt!
        The United States has gone bankrupt at least 2 times. The first was 1964 The next was 1971. They changed the nature of the dollar. They are about to do it again.
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  • Posted by $ 1 week, 6 days ago
    Another Headline torn straight from the pages of Atlas Shrugged.
    Ayn was a genius. And her solution was ingenious.
    Go Galt!
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    • Posted by 25n56il4 1 week, 6 days ago
      It continues to surprise me how this lady could write such a book that would be up-to-date in 2023! She was in fact, a genius or really far-sighted.
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      • Posted by $ Snezzy 1 week, 5 days ago
        Didn't she merely copy Aristotle? And we all know that old 'Stotle was wrong about gravity, like heavy things fall faster, so why should we believe him?

        Besides, if we want something, and just scream loudly enough or clench our fists, we'll get it.

        “Democracy is the theory that the common people know what they want, and deserve to get it good and hard.” - H. L. Mencken
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    • Posted by term2 1 week, 3 days ago
      If the rule is to give people what they WANT, eventually they will need to have others provide for them the things that they cannot provide for themselves. Hence, we get socialism and then a crashing of the system because no one provides, but everyone wants.
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  • Posted by CaptainKirk 1 week, 5 days ago
    Words Matter. They are NOT Increasing the Debt Ceiling.

    They are INCREASING the tax burden on EVERY GENERATION!
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    • Posted by term2 1 week, 3 days ago
      they are increasing the national debt to cover profligate overspending. In the end this debt will just decrease the value of the US dollar. It will NEVER be repaid, since its so big the US citizens just don't have the wealth to pay it off.
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  • Posted by $ Snezzy 6 days, 12 hours ago
    It's easy to see inflation as being "good for business" because people convert their cash into durable goods and into supplies that can be stored. Why wait to buy a new lawnmower when it's obvious that today's $2400 model will cost $3200 next year? Today's $2.49 can of baked beans will soon be $5.99.
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  • Posted by term2 1 week, 3 days ago
    The government hasnt been able to pay its bills from current revenue for a long time. Thats why the debt ceiling has to be raised again and again and again, etc. They are paying the bills will fiat currency printed under the guise of national debt. that has to be continually increased.
    The us government has been pretending its solvent by printing more fiat money allowed for by the debt ceiling.

    Its a real hoax. Cut spending NOW to equal tax revenue and suffer the political consequences NOW.
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