State and local tax revenues fell 7% in the third quarter of 2009 from a year ago, the Census Bureau said in a report underscoring how the economic downturn is stressing government collections.
Sales taxes declined 9% to $70 billion in the third quarter compared with the year-ago period, the Census Bureau said. Income taxes plunged 12% [...]
Oh really. Well I guess the party should be at Ben’s house, shouldn’t it? Does consumer spending account for 2 thirds of the US GPD? Businessweek doesn’t think so, but even so it seems only logical that the average citizen won’t start recovering until employment recovers. In that regard Benny is a bit more cautious [...]
President Barack Obama announced his intention to reappoint Ben Bernanke as chairman of the Federal Reserve on Tuesday as the White House warned of a sharp deterioration in the US fiscal outlook.
Mr Obama said it was Mr Bernanke’s “bold action and out-of-the-box thinking that has helped put the brakes on our economic freefall”. The Fed chief [...]
As the Obama administration wrestles with how to pay for a costly revamp of the health care system and whether to spend more to spark a nearly lifeless economy, it faces shrinking fiscal room to maneuver. With each passing day, the outlook for the government’s finances grows dimmer.
Skyrocketing federal budget deficits increasingly are limiting the government’s [...]
