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"Going Gault"---Fed Tax Receipts

Discussion in 'Political Zone' started by sbark, Apr 23, 2009.

  1. sbark

    sbark Well-Known Member Zone Supporter

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    http://pajamasmedia.com/blog/going-galt-got-going-last-summer/2/

    Enough high producers to make a difference abandoned their spring optimism, not because of then-current economic conditions, which were at worst mediocre. They did so because of their assessments of what economic conditions would be in the not-too-distant future, based on the perilous pronouncements of Pelosi, Obama, and Reid. Many of those who didn’t catch on during the summer did so after observing the reckless September-October actions of the Washington establishment.

    As a result, they took steps that businesspeople, entrepreneurs, and investors ordinarily take when a serious recession takes hold — not hiring, not expanding, letting people go and not replacing them, making worn-out equipment last longer instead of buying new, and others — before the serious recession took hold. They deliberately downsized in response to stated promises by powerful government officials Pelosi, Obama, and Reid to penalize and punish them and the economy as a whole, if and when they gained power.

    In other words, enough high producers to make a difference preemptively “went Galt.”
    Their perfectly logical and understandable reactions have caused the recession to be much deeper than it could or should have been. The “going Galt” phenomenon and the recession itself have also sent federal receipts into a frightening free fall. The following graphic includes March’s actual receipts and my estimated results for April (detailed here):

    [IMG]

    What triggered the sudden shift? It was the beginning of the POR (Pelosi-Obama-Reid) economy in mid to late June

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