{"id":1402,"date":"2009-08-04T05:01:57","date_gmt":"2009-08-04T10:01:57","guid":{"rendered":"http:\/\/acornabbey.com\/blog\/?p=1402"},"modified":"2009-08-04T05:01:57","modified_gmt":"2009-08-04T10:01:57","slug":"since-1932","status":"publish","type":"post","link":"https:\/\/acornabbey.com\/blog\/?p=1402","title":{"rendered":"Since 1932&#8230;"},"content":{"rendered":"<p><a href='http:\/\/acornabbey.com\/blog\/wp-content\/uploads\/2009\/08\/dow-jones-1932.jpg' title='dow-jones-1932.jpg'><img src='http:\/\/acornabbey.com\/blog\/wp-content\/uploads\/2009\/08\/dow-jones-1932.jpg' alt='dow-jones-1932.jpg' \/><\/a><br \/>\n<em>On July 8, 1932, the Dow Jones Industrial Average hit its lowest point of the Great Depression &#8212; 41.22<\/em><\/p>\n<p>The media, as far as I can tell, almost completely ignored yesterday <a href=\"http:\/\/news.yahoo.com\/s\/ap\/20090803\/ap_on_go_ot\/us_plummeting_taxes\">this story from the Associated Press<\/a> about federal tax receipts, which have dropped in 2009 at a rate not seen since 1932. For the first six months of the year, individual income tax receipts were down 22 percent from a year ago. Corporate income tax receipts were down 57 percent.<\/p>\n<p>For <a href=\"http:\/\/www.aier.org\/research\/commentaries\/1488-tax-revenue-plummets\">the month of April<\/a>, the biggest month for collecting taxes, individual income taxes were down 44 percent, and corporate taxes were down 64 percent.<\/p>\n<p>I wish someone could explain to me how individual income taxes can be down 22 percent if the <a href=\"http:\/\/www.bls.gov\/\">unemployment rate<\/a> is 9.5 percent. I also would like to understand how the earnings news can be good on Wall Street if corporate income taxes are down 57 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On July 8, 1932, the Dow Jones Industrial Average hit its lowest point of the Great Depression &#8212; 41.22 The media, as far as I can tell, almost completely ignored yesterday this story from the Associated Press about federal tax receipts, which have dropped in 2009 at a rate not seen since 1932. For the &hellip; <a href=\"https:\/\/acornabbey.com\/blog\/?p=1402\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Since 1932&#8230;&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-1402","post","type-post","status-publish","format-standard","hentry","category-economic-issues"],"_links":{"self":[{"href":"https:\/\/acornabbey.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/1402","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/acornabbey.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/acornabbey.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/acornabbey.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/acornabbey.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1402"}],"version-history":[{"count":0,"href":"https:\/\/acornabbey.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/1402\/revisions"}],"wp:attachment":[{"href":"https:\/\/acornabbey.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/acornabbey.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/acornabbey.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}