Monday, August 10, 2009

Tax data doesn't point to an end to the recession

AlphaNinja - "Higher deficits ahead" is certainly not a groundbreaking concept lately. What concerns me in the CBO's (Congressional Budget Office) latest report is the tax data. Talking heads in the media babble about which upcoming quarter will be the first to show a year over year increase in Gross Domestic Product, signalling the end of the recession.

I don't know if I'd trust a positive GDP number, while the less "manageable" tax receipt data is showing individual income tax down 20% and corporate income tax down a staggering 57%:

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