Look at this report below from the CBO, especially what I placed in bold. Have you heard any of this in the mainstream media? Does it all sound like doom and gloom?
From the Congressional Budget Office
🏁The federal government ran a budget deficit of $368 billion for the first eight months of fiscal year 2015, CBO estimates. That deficit was $68 billion smaller than the one recorded during the same period last year. Revenues and outlays were both higher than the amounts recorded during the same period in fiscal year 2014—by 9 percent and 4 percent, respectively. If not for shifts in the timing of certain payments (which otherwise would have fallen on a weekend), the deficit for the eight-month period would have been $33 billion less this year than it was in fiscal year 2014.
Total Receipts: Up by 9 Percent in the First Eight Months of Fiscal Year 2015
Receipts for the first eight months of fiscal year 2015 totaled $2,103 billion, CBO estimates—$166 billion (or 9 percent) more than receipts in the same period last year. The largest increases in receipts relative to last year were in the following categories:
Individual income taxes and payroll (social insurance) taxes together rose by $138 billion (or 9 percent).
The amounts withheld from workers’ paychecks accounted for an increase of $76 billion (or about 5 percent). Most of that increase probably stemmed from growth in wages and salaries (as measured in the national income and product accounts), which also rose by 5 percent from October through April.
Nonwithheld receipts rose by $64 billion (or 17 percent). The bulk of the increase came from payments made during the tax-filing season (February through April), which increased by $45 billion (or 18 percent); most of those were final payments of taxes owed for 2014.
Income tax refunds, also largely representing the settlement of 2014 taxes, were $217 billion, slightly more than they were last year.
Receipts from unemployment insurance taxes were down by $2 billion (or 4 percent).
Corporate income taxes rose by $19 billion (or 11 percent), probably reflecting higher taxable profits for 2014.🏁
QUINNSCOMMENTARY 