New York Previews Fed's Tax Hole

Even the MSM is covering the fact that the White House is delaying its mid-year budget update until August, presumably to shield some pretty damn awful numbers that would not help the Dems take over the healthcare system with trillions of our dollars. To see that the speculation is right on the money, look no further than New York state, where our Q2 tax receipts missed by, oh, $500 million. We're getting closer to my prediction, but self-back patting is not my focus just now, rather it is drawing the connection to these two news items. The feds are experiencing what New York just admitted to, lost jobs and reduced economic activity mean less tax revenue flowing in. I bet the federal "miss" that we now have to wait until August to learn about will be quite large. The more we demonize and disincentivize economic activity, the more we are going to have these "misses".