You have to read this to believe it:
But then in mid to late June, along came the POR (Pelosi-Obama-Reid) economy. The Democratic triumvirate’s intent to starve the nation of energy, regardless of the consequences, and newly minted presidential nominee Barack Obama’s designs on punitively taxing 5% of the nation’s most productive in the name of redistributing money to everyone else, both became crystal clear. As a result, paraphrasing what I wrote at the time, businesses, investors, and entrepreneurs responded to the trio’s total lack of seriousness by battening down the hatches and preparing for the worst.
They haven’t stopped, which is why the POR economy is now the POR recession as normal people define it. It is also why tax collections have taken a dive.***
Through March 31 of last year, according to the Daily Treasury Statement, “individual income and employment taxes not withheld,” which are largely payments made by the self-employed, partners, and those in S corporations whose income flows through to individual tax returns, are down about 13%, or almost $15 billion, from a year ago. These not-withheld taxes are what drove last April’s all-time collections record, which is definitely not going to repeat itself.
It’s clear that quite a few ordinarily industrious people “went Galt” months before the tea party movement even came into existence. As a result, fiscal 2009’s deficit could come in closer to $2 trillion than to the Obama administration’s estimate of $1.75 trillion, or even the Congressional Budget Office’s $1.85 trillion.
The title of the piece is “Tax Receipts Plummet as Americans ‘Go Galt.'”
You have to kind of admire the mental gymnastics that piece took. The author ignores the fact that the recession started in December ’07, instead blaming it on Obama/Reid/Pelosi in the summer of ’08, and then ignored that recession when considering tax receipts have dropped and attributed that to people “Going Galt” instead of, you know, the worldwide recession.
And you know what? As stupid as that piece is, you can guarantee some wingnut will repeat it. Why? Because it has numbers in it, so it must be true. That is a veritable dissertation compared to the movement that brought us Liberal Fascism.
*** Update ***
I’m John Cole, not Juan Cole, you fricking clown. I was a member of PJM from the beginning. You’re attributing quotes to me that were made by a completely different person. Can you get ANYTHING right? Those things you are linking to at Anti-war and Zombietime- WERE NOT WRITTEN BY ME. THEY WERE WRITTEN BY JUAN COLE, A COMPLETELY DIFFERENT PERSON.