Today, October 15, 2009, is the final day to file your 2008 tax return.  The people who file today are, generally, not procrastinators but rather individuals with complex tax situations and positions domestically and/or globally that requires additional time to assemble the required information.  In addition, these individuals, generally, in a normal year, have a tax liability in the hundreds of thousands of dollars.

The accountants handling these tax returns are not your normal H & R Block accountants but rather accountants known to handle complex returns.  These type of accountants talk among themselves, and by talking to these accountants, one can get a good read of what is occurring in the economy.

Today I am taking my 2008 filing to the Post Office.  I will not be paying one cent federal or state tax for 2008 and most likely the same for 2009.  I might be a little odd in that I do not dread paying my tax bill simply because if I am paying taxes, I am making money.  If I do not pay taxes I am not making money.  My accountant tells me she has only one client who is paying anything in the October filing... this is generally true throughout the industry.

So what is the point of all this?  1) When the state comes out with revenue numbers after the October 15 filing date, most likely they will be way short and the state will reluctantly announce a deficit.  2) If people are not paying taxes, money is not being made... the Obama recession continues.

In fact, to expand on the idea of the Obama recession, there is currently no recovery.  The stock market is advancing simply because interest rates are so low that people are pulling their money out of fixed instruments and putting that money in the stock market... hence the stock market rises.

In the current environment of uncertainty, no sane businessman will risk a capital investment with dimwitted Democrat proposals such as "health care reform" and "cap and tax".  In addition the Obama administration has demonstrated a willingness to interfere and micromanage the private sector and invalidate private contracts (think senior bond holders and employee contracts).

As Obama takes a recession to a depression, he is hurting real people... makes you long for the good old days of Jimmy Carter and stagflation.