Tax receipts collapse by 17% in the US

As expected, US national debt is skyrocketing as the expenses keep on rising (and Obama is going to make it a lot worse...) while tax receipts will be collapsing due to big losses in all the industries and joblessness reaching historical high levels.

Again, all these have been forecast on this blog and by other students of the Austrian Economics School of thought and the budget deficits are going to make things a lot worse, contrary to the crazy beliefs of the Keynesians...

CalculatedRisk points to the following report on MarketWatch:

The U.S. federal government budget widened to $192.8 billion in February as tax receipts plunged to the lowest level in 14 years, the Treasury Department reported Wednesday. It's the second largest monthly deficit on record, exceeded only by $237.2 billion gap in October. For the first five months of the fiscal year, the deficit has increased by a half trillion dollars to a record $764.5 billion. Outlays were flat compared with a year earlier at $280.1 billion, while receipts dropped 17% to $87.3 billion, the lowest since February 1995. In February, individual income taxes fell 64% to just $8.7 billion. That's the lowest monthly total for individual income taxes since May 1985.