Federal tax collection drop 34% year over year
fms.treas.gov
fms.treas.gov
But those charts show that the pattern of money (month to month) didn't change, only it's magnitude did. And that smells like deflation to me (everyone has less money).
Most people call it stagflation.
Short of it: Banks can't give out loans, but they're also being bailed out in massive amounts - injecting money into the economy. Businesses can't get loans to expand, and lay off employees. People have less money, but there's more money floating around in the economy. It sucks.