Despite an amazing amount of tax revenue in 2015, the government is still adding to the debt to the tune of $530 billion!
Sometime in 2014 we started to get stories about how the deficit was “lowering.” Since the deficit is always adding to the debt of the nation, the fact that the deficit was lower one year than the year before meant nothing. The National debt keeps growing, and there is no plan to shrink it.
If you tell someone their cancer is growing at a slower rate, that can be good news if there is a plan to make it go slower still and to stop it altogether. But we have no such plan with the national debt.
Not only was there no good news in the smaller deficit, but there is actually bad news. The bad news, as Bob Allen pointed out a year and two days ago, was that the smaller deficit was only the result of greater plunders by the Federal government, feeding off the lives of Americans. There was no fiscal discipline that resulted in a smaller deficit; the Feds just scarfed up more money from the people.
Now, a year later, the practice has continued!
CNS News reports, “$2,883,250,000,000: Federal Taxes Set Record Through August; $19,346 Per Worker; Feds Still Run $530B Deficit.”
The federal government raked in a record of approximately $2,883,250,000,000 in tax revenues through the first eleven months of fiscal 2015 (Oct. 1, 2014 through the end of August), according to the Monthly Treasury Statement released Friday.
That equaled approximately $19,346 for every person in the country who had either a full-time or part-time job in August.
It is also up about $198,425,330,000 in constant 2015 dollars from the $2,684,824,670,000 in revenue (in inflation-adjusted 2015 dollars) that the Treasury raked in during the first eleven months of fiscal 2014.
Despite the record tax revenues of $2,883,250,000,000 in the first eleven months of this fiscal year, the government spent $3,413,210,000,000 in those eleven months, and, thus, ran up a deficit of $529,960,000,000 during the period.
In the meantime, Republican leadership is trying to arrange an increase in spending.