The signs shouldn’t be ignored. From Michael Snyder at theeconomiccollapseblog.com:
The economic meltdown that is coming should not be a surprise to anyone. Throughout U.S. history, there have always been signs that a major downturn was coming, and that is precisely what we are witnessing right now. Tax revenues are way down, demand for trucking services is way down, demand for cardboard boxes is way down, the money supply is shrinking at the fastest pace in modern history, and the Conference Board’s index of leading economic indicators has already declined for 15 months in a row. At this point, anyone that cannot see what is coming has got to be willingly blind. The following are 7 trends which indicate that economic disaster is approaching very rapidly…
#1 When economic activity slows down, less tax revenue comes in. Right now, federal government and state government tax revenues are declining precipitously…
US state and local governments just experienced the worst decline in income tax revenues ever recorded.
This was the second steepest year-over-year percentage decline in history, with only the GFC having a worse outcome.
Note that Federal tax receipts are also dropped again, now at recessionary levels and approaching -10% on a YoY basis.
