Beyond our absurd deficit, what is more scary in this story of tax revenues falling 34% from one year ago, is that amount of money is only $138 Billion dollars. That is 34% drop off, which implies last years IRS total revenues were $405 Billion.
Think about $1 trillion. Multiple that by 12 and then see what 34% of our tax revenues in a year is. Last year's tax revenues were $405 billion. That means to just pay off $1 trillion dollars, no interest, just the principle, would have taken 2.5 years and this is before the 34% drop in tax collections. Yet the government committed to $12 trillion total in financial bail out commitments.
Oh yes, the reason IRS revenues have dropped is once again, Americans are broke and we need jobs, jobs, jobs, jobs. So here is yet another factor where everything depends upon employing the U.S. labor force.
...and no, you can't blame that guy pissing in the IRS elevator for this either. You can blame all of those who got us into this mess and you can also blame the stimulus for refusing to tie the money directly to employing U.S. citizens as fast as possible.