What would a 21% decline in income mean to you? This is what is happening to the US Government. Tax receipts, the money that pays for all of the irresponsible spending in Washington, is down -21% from June 2008 to June 2009. Individual income tax receipts are down -22%. Corporate income taxes are down -57%. You have to go back to the Great Depression to see these types of numbers. This also takes a hit on Social Security and Medicare. Tax receipts are down for Social Security and could drop for only the second time since 1940 and Medicare is on track to drop only the third time ever.

It is estimated that Social Security is on track to run out of money in 2036. Oh good, just in time for me to collect my benefits. Of course, Medicare is in worse shape.

The federal deficit now sits at $1.8 trillion. The national debt exceeds $11 trillion and the Government wants to spend more and more money.

…and the Government wants to pass a health plan that we really cannot afford as well continue to bail-out the world. The more disturbing aspect of this news is that the media is virtually ignoring it. After all, broadcasting this news all over the front pages of web-sites and nightly news casts would not bode well for the politicians and their quest to ramrod this health plan down the throats of Americans.

Where will all of this money come from to pay for all of the socialism in this country? Well, there are two sources. First, the politicians are betting on a robust economic resurgence. Well, let’s take that one off of the table. How about the second solution? Get ready, because taxes are going up for EVERYONE. Don’t be fooled by a campaign promise to only raise taxes on Americans making over $250,000. It will take a huge tax hike on everyone to stop the bleeding in Washington.

Over the weekend, the biggest economic hitter of the Obama Administration, Treasury Secretary Tim Geithner indicated that raising taxes is still on the table. Of course, the White House rushed to do damage control on Monday suggesting that President Obama would never go back on his promise. Things happen for a reason in Washington and Geithner’s remarks were no mistake. Timothy Geithner might not be smart enough to pay his taxes however; he knows what to say and when to say it.

Tags: Bob Brooks, Deceptive Money, federal deficit, health plan, income, Income Tax, Medicare, National Debt. Government, Obama Administration, politicians, President Obama, Prudent Money, raising taxes, Social Security, Tax hike, taxes, Treasury Secretary Tim Geithner, White House