mises.org / Ryan McMaken / April 14, 2017
A new report from the US Treasury Department shows that growth in federal receipts has fallen to the lowest level seen in 80 months, with the 12-month average falling 1.3 percent from March 2016 to March 2017.
The last time federal receipts fell as far was during July of 2010 when they dropped 2.4 percent from July of the previous year. More importantly, the last time receipts fell this much, while in a downward trend, was in July 2008 shortly before the financial crisis.
March 2017 was the fourth month in a row during which federal receipts were down year over year, while growth rates overall have been falling quickly since mid-2015.
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