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Tuesday, 02 June 2009 00:00 |
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Peter Barnes mentioned AIER during Fox Business' Opening Bell yesterday. The transcript from the show is below:
THE GOVERNMENT IS SPENDING MORE MONEY THAN IT'S TAKING IN AND WITH TAX PAYMENTS TO THE IRS DOWN A THIRD JUST THIS APRIL, WILL THE RED INK BE INEVITABLE PART OF AMERICA'S FUTURE? PETER BARNES IS IN DC WITH THAT PART OF THE STORY IN THIS WEEK LONG SERIES, HEY, PETER. WELL, HEY, DAGEN, LOOKING FOR RED INK? LOOK NO FURTHER THAN THIS DOCUMENT, PRESIDENT OBAMA'S BUDGET FOR 2010. PROJECTS A DEFICIT OF MORE THAN A TRILLION DOLLARS DOWN FROM JUST 2 TRILLION EXPECTED FOR THIS YEAR, BUT THIS IS NOT JUST A SPENDING ISSUE, IT IS ALSO A REVENUE ISSUE. NEW NUMBERS FROM THE TREASURY DEPARTMENT SHOWING TAX REVENUES COLLAPSING IN APRIL. DOWN 138 BILLION DOLLARS COMPARED TO APRIL LAST YEAR, A 34% DROP. THE BIGGEST DECLINE ON RECORDMENT YOU CAN SEE THE SHARP DECLINE IN JUST IN THE FIRST COUPLE OF MONTHS OF THIS YEAR IN THIS GRAPHIC. NOW, MOST OF THAT DUE TO THE DROP IN INDIVIDUAL INCOME TAX PAYMENTS, PLUNGING 107 BILLION DOLLARS IN APRIL DOWN 44%. THE AMERICAN INSTITUTE FOR ECONOMIC RESEARCH PINNING MOST OF THE BLAME ON JOB LOSSES IN THE CURRENT RECESSION. MORE THAN 6 MILLION JOBS LOST IN THE LAST YEAR ALONE. 6 MILLION PEOPLE NO LONGER PAYING INCOME TAXES. THE INSTITUTE'S CAREY LYNCH SAYING THE REVENUE SIDE DOES MATTER. HAD IT NOT BEEN FOR THE CYCLICAL DOWN TURN IN REVENUE THE DEFICIT WOULD BE SIGNIFICANTLY SMALLER THAN IT IS NOW. LYNCH SAYING THAT CONTINUATION OF MONTHLY TAX REVENUE SHORTFALLS WILL DEPEND ON THE FUTURE COURSE OF THE ECONOMY OF COURSE, AND THE INSTITUTE NOT YET PROJECTING A RECOVERY. DAGEN, BACK TO YOU. |