The Unplanned Stimulus

Buttonwood reminds us that much of the deficit is due to falling revenues and not just stimulus spending:

The economic news is coming so thick and fast at the moment that it is easy to miss some of the more amazing data. Figures released on Monday show that, in the 12 months ending September, federal personal income tax receipts were down more than 20%, while corporate tax receipts dropped a remarkable 54.6%. These are the biggest declines since World War Two, and explain why the deficit has risen so sharply. A large part of the current stimulus is unplanned rather than deliberate.