Deficit, Spending

[bluesguy1952]

Ever notice you don't hear too much about the deficit recently? That is because it is rapidly declining.

But first some history to put it all in perspective:

From Princeton University, 2004:

During the 20th century, the Dow Jones industrial average rose 7.3 percent per year on average under Republican presidents. Under Democrats, it rose 10.3 percent.

Since World War II, Democratic presidents have increased the national debt by an average of 3.7 percent per year, and Republican presidents have increased it an average of 10.1 percent. During the same time period, the unemployment rate was, on average, 4.8 percent under Democratic presidents; it was 6.3 percent under Republicans.

The Clinton-Gore administration presided over the longest peacetime economic expansion in our history. The national debt was reduced dramatically, the industrial sector boomed, wages grew and more Americans found jobs.

In the past seven years (1997 to 2004), we have experienced the weakest job creation cycle since the Great Depression, record deficits, record household debt and a record bankruptcy rate. We have gone from being the nation with the biggest budget surplus in history to becoming the nation with the largest deficit in history.

The Bush administration, supported by Republicans on Capitol Hill, pushed through a sweeping tax cut in 2001, under which the wealthiest 1 percent of Americans reaped 43 percent of the gain. In less than a year and a half, the federal government's 10-year projected budget surplus of $1.6 trillion had vanished. In 2000, we had a surplus of $236 billion. In 2004, we had a deficit of $413 billion.

Republicans pound away at the Democrats, labeling them as the "tax and spend" party. Yet recent research has shown that more than 70 percent of our national debt was created by just three Republican presidents: Reagan and the two Bushes.

 

[waltky]

Granny says we still can't see the light atta end o' the tunnel `cause we still diggin' ourselves outta the hole dem bankers an' politicians got us into...

$2.66T: Tax Revenues for FY14 Hit Record Through August; Gov’t Still Runs $589B Deficit
September 12, 2014 -- Inflation-adjusted federal tax revenues hit a record $2,663,426,000,000 for the first 11 months of the fiscal year this August, but the federal government still ran a $589,185,000,000 deficit during that time, according to the latest Monthly Treasury Statement.

Each month, the Treasury publishes the government’s “total receipts,” including all revenue from individual income taxes, corporate income taxes, social insurance and retirement taxes (including Social Security and Medicare taxes), unemployment insurance taxes, excise taxes, estate and gift taxes, customs duties, and “miscellaneous receipts.” The largest share of the tax revenue so far this year has come from individual income taxes, which totaled $1,233,274,000,000 in the first 11 months of fiscal 2014.

The rest of the receipts came from corporation income taxes totaling $247,200,000,000, employment and general retirement (off-budget) totaling $674,338,000,000, employment and general retirement (on-budget) totaling $209,281,000,000, unemployment insurance totaling $54,591,000,000, other retirement receipts totaling $3,155,000,000, excise taxes totaling $73,051,000,000, estate and gift taxes totaling $17,702,000,000, customs duties totaling $30,902,000,000 and miscellaneous receipts totaling $119,933,000,000.

In constant 2014 dollars, the $2,663,426,000,000 that the federal government collected from October through August in fiscal year 2014 was $134,705,540,000 more than the $2,528,720,460,000 it collected in October through August in fiscal year 2013. The Treasury has been tracking this data since 1977, and at that time, the federal government collected $1,262,469,450,000 in inflation-adjusted revenue in the first 11 months of fiscal 1977. This means that since then, revenues have more than doubled, increasing by 111 percent.

After the current fiscal year, the second highest federal tax intake in the first 11 months of a fiscal year occurred in the first 11 months of fiscal 2007, when the government collected $2,622,537,950,000 in 2014 dollars – or $40,888,050,000 less than in the first 11 months of this fiscal year. The first half of fiscal 2007 ran from Oct. 1, 2006 through March 31, 2007. The last recession hit in December 2007 and ended in June 2009. Although the federal government brought in a record of approximately $2,663,426,000,000 in revenue in the first 11 months of fiscal 2014, according to the Treasury, it also spent approximately $3,252,611,000,000, leaving a deficit of approximately $589,185,000,000.

2.66T Tax Revenues for FY14 Hit Record Through August Gov t Still Runs 589B Deficit CNS News

See also:

Study: Americans Will End 2014 Another Year Older & $55B Deeper in Debt
September 11, 2014 - – “U.S. consumers will end the year with $54.79 billion more credit card debt than we started with,” predicts a new study by CardHub, a credit card comparison website.

American consumers reversed a six-year trend of paying down their credit card balances during the first quarter of 2014, charging an additional $28.1 billion during the second quarter, according to the study. The additional credit card charges were 66 percent higher than those made during the second quarter of 2013. According to the Federal Reserve, total revolving consumer debt now stands at $880 billion, or an average of $7,217 per U.S. household, which is down significantly from the $1,005.23 per household in 2008.

However, non-revolving debt, such as auto and student loans, account for another $2.3 trillion. “The debt that we incurred during the second quarter of the year wipes out more than 86% of the $32.5 billion we paid off with the aid of tax refunds and annual salary bonuses from January through March,” the study noted. The consumer spending spree increased the average household’s credit card balance by $174. “By the end of 2014 U.S. consumers will be roughly $1,300 away from the credit card tipping point, where minimum payments become unsustainable and delinquencies skyrocket,” the study warned, predicting that over-extended credit card holders will charge-off $30.3 billion in credit card debt this year.

There are three reasons for the sudden increase in credit card debt in the second quarter, CardHub CEO Odysseas Papadimitriou told CNSNews.com: “One, the economy is improving and consumers are spending more; “Two, consumers have a short memory and have forgotten how painful it was during the Great Recession; and “Three, banks have started lending and are opening lines of credit for consumers,” he said. When CNSNews.com asked him if the banks have also forgotten the lessons of the Great Recession, Papadimitriou laughed and replied: “It takes two to tango, and it seems like they are tangoing.”

Although consumer confidence is a a good thing for the U.S. economy, he added, excessive credit card debt is one of the things that led to the Great Recession. “It’s a trigger, which is why it’s so important that we don’t repeat those mistakes,” he told CNSNews.com. Although he does not believe that debt-ridden Americans will hit the historic “tipping point” of $8,400 of credit card debt per household this year, Papadimitriou says they will “get close to it.” And at year’s end, he predicts, “Americans will be much, much deeper in debt and moving faster and faster toward the tipping point.”

Study Americans Will End 2014 Another Year Older 55B Deeper in Debt CNS News

 

[The Rabbi]

Utter bullshit.
The deficit is lower than when Obama took office, but still higher than the penultimate year of the Bush Administration. And projected to get higher.
You dont hear about it because it's an election year and no one will do a damn thing.

 

[waltky]

Spending, deficit up in spite of additional revenue...

CBO: Taxes, Spending, Deficit All Up in First 2 Months of FY2016
December 8, 2015 | The federal government taxed more, spent more, and ran a bigger deficit in the first two months of fiscal 2016 than it did in the first two months of fiscal 2015, according estimates the CBO published yesterday. The federal fiscal year begins on Oct. 1 and ends on Sept. 30.

The increase in federal spending in the first two months of fiscal 2016 was largely driven by increased expenditures on Social Security, Medicare and Medicaid. The increase in taxation was driven by increases in individual income tax and payroll tax payments. “The federal budget deficit was $200 billion for the first two months of fiscal year 2016, the Congressional Budget Office estimates,” said the report. “That deficit was $22 billion larger than the one recorded during the same period last year. Revenues and outlays were both higher than last year’s amounts, by 3 percent and 6 percent, respectively.” “Receipts through November totaled $416 billion, CBO estimates—$12 billion more than the amount for the same period last year,” said the report. “Individual income taxes and payroll (social insurance) taxes together rose by $19 billion (or 6 percent),” said CBO. “Increases in amounts withheld from workers’ paychecks—$16 billion (or 5 percent)—accounted for the bulk of that gain. Total wage and salary income and withheld taxes have both grown at about that same rate in recent quarters.”

Part of the increase in spending, CBO said, was the result of the increase in Medicaid built into Obamacare. “Outlays for the first two months of fiscal year 2016 were $616 billion, or $34 billion higher than they were during the same period last year, CBO estimates,” said CBO. “Outlays for the three largest mandatory programs increased by 7 percent,” said the report. “Social Security benefits rose by $7 billion (or 5 percent), reflecting typical recent growth in the number of beneficiaries and their average benefits. “Medicare spending increased by $8 billion (or 9 percent), some of which reflects the fact that the payment made to prescription drug plans each fall to account for unanticipated spending increases in the preceding calendar year was larger in 2015 than in 2014,” said the report. “Outlays for Medicaid rose by $6 billion (or 12 percent), largely because of new enrollees added through the optional expansion of coverage authorized by the Affordable Care Act,” said CBO.

As of the close of business on Friday, Dec. 4, the total federal debt was $18,786,830,545,682.60, according to the U.S. Treasury. The Census Bureau says that there were 117,748,000 households in the United States as of September. Thus, the $18,786,830,545,682.60 in federal debt equals approximately $159,551.16 for each household in the United States.

CBO: Taxes, Spending, Deficit All Up in First 2 Months of FY2016

See also:

Ryan: Omnibus Spending Bill, Due Dec. 11, Will Be Done 'Right,' Not 'Fast'
December 8, 2015 | "Congress needs to pass a budget (omnibus appropriations bill) on time," the Obama White House insisted on Monday. On Tuesday, House Speaker Paul Ryan (R-Wis.) said he will not let the "arbitrary Dec. 11th deadline stop us from getting this right."

"These negotiations are ongoing, Ryan told a news conference Tuesday morning. "We know that we're going to get it right, instead of get it done fast. "We are not going to waive the three-day rule," Ryan said, referring to a 2010 Republican pledge to give the public three days to read a bill before voting on it. (But as CNSNews.com reported, delaying a vote until "the third calendar day," as the Republican pledge specifies, has not always meant a full 72 hours.) "We're going to make sure that members of Congress and therefore the public have the time to read what is agreed to," Ryan said. "But we're not going to let the arbitrary December 11 deadline stop us from getting this right. We're going to get the best agreement we can possibly get, and those negotiations are ongoing. And I'm not going to negotiate through the media."

A reporter asked Ryan how much about a short-term continuing resolution he would need to keep the government funded beyond Dec. 11: "That's something that the leaders along with our folks at the other side of the Capitol will look at, but it will be a handful of days. We don't expect to do this for the long term. We need to get it right. "I don't want us to go home until we get this done," Ryan said. The Obama White House on Monday said it will insist that Congress stick to its Dec. 11 deadline: "[T]he president's not going to sign a CR that will give members of Congress additional time to negotiate. That's essentially sort of where we are," Josh Earnest told reporters. It's another case of brinksmanship: With Republicans unlikely to produce an omnibus spending by midnight Dec. 11 and Obama unlikely to sign a temporary stop-gap bill, both sides can accuse the other of shutting down the government.

At the White House on Monday, spokesman Josh Earnest warned that "shutting down the government is not going to enhance our national security," Earnest said. He said it is Congress's "responsibility...to step forward and do their job and pass a budget for the United States government on time. "And that is going to require Republican in Congress abandoning their ongoing effort to advance their ideological agenda through the budgetary process." He was referring to "ideological riders" attached to the must-pass spending legislation. When Earnest opened the floor to questions, a reporter asked him, "Has the president spoken to Speaker Ryan? As far as we know, they haven't met face-to-face since Speaker Ryan took office."

MORE

 

[waltky]

Granny says, "Dat's right - all dat tax money an' we still in debt...

$765,645,000,000: FY2016 Taxes Set Record Through December; $5,107 Per Worker; Feds Still Run $215.5B Deficit
January 13, 2016 | The federal government took in a record of approximately $765,645,000,000 in tax revenues in the first three months of fiscal 2016 (Oct. 1, 2015 through Dec. 31, 2015), according to the Monthly Treasury Statement released today.

That equaled approximately $5,107 for every person in the country who had either a full or a part-time job in December. It is also an increase of about $24,288,810,000 in constant 2015 dollars from the $741,356,190,000 in revenue (in constant 2015 dollars) that the Treasury took in during the first three months of fiscal 2015.

As it was hauling in these record revenues, the Treasury spent approximately $981,190,000,000, and ended up the first three months of the fiscal year with a deficit of approximately $215,546,000,000, according to the monthly statement.

According to the Bureau of Labor Statistics, total seasonally adjusted employment in the United States in December (including both full and part-time workers) was 149,929,000. That means that the record federal tax revenue of 765,645,000,000 that the Treasury has pulled in so far this fiscal year already equals approximately $5,107 per worker.

In December 2014, there were 147,439,000 people employed in the United States. So, the then-record of $741,356,190,000 in revenues the Treasury pulled in during the first three months of fiscal 2015 (Oct.-Dec. 2014) equaled approximately $5,028 per worker.

$765,645,000,000: FY2016 Taxes Set Record Through December; $5,107 Per Worker; Feds Still Run $215.5B Deficit

 

[waltky]

Granny says, "Dat's right - dem politicians keep spendin' more money dan we got...

$1,914,651,000,000: FY2016 Taxes Set Record Through April; $12,679 Per Worker; Feds Still Run Deficit of $354,592,000,000
May 11, 2016 | The U.S. Treasury raked in a record of approximately $1,914,651,000,000 in tax revenues in the first seven months of fiscal 2016 (Oct. 1, 2015 through April 30, 2016), according to the Monthly Treasury Statement released today.

That is up about $14,151,330,000--in constant 2016 dollars—from the approximately $1,900,499,670,000 in constant 2016 dollars the Treasury collected in the first seven months of fiscal 2015. (Tax revenues from previous years were adjusted to 2016 dollars using the Bureau of Labor Statistics Inflation Calculator.) Even though the Treasury has collected more in inflation-adjusted tax revenues so far this fiscal year than in any previous year, tax collections were actually down in the month of April alone compared to last April. In 2015, the Treasury collected approximately $471,801,000,000 in April (in 2015 dollars). In 2016, the Treasury collected $438,432,000,000 in April.

Chart from the Monthly Treasury Statement for April 2016​

Despite collecting record revenues over the span of the first seven months of fiscal 2016, the federal government still ran a deficit of $354,592,000,000 during the period--as federal government spent $2,269,242,000,000 in those seven months.

The record seven-month tax haul of $1,914,651,000,000 equaled approximately $12,679 for each of the 151,004,000 people in the country who, according to the Bureau of Labor Statistics, had either a full or part-time job in April.

$1,914,651,000,000: FY2016 Taxes Set Record Through April; $12,679 Per Worker; Feds Still Run Deficit of $354,592,000,000

 

[waltky]

Granny says is `cause dem politicians ain't being fiscally responsible...

Feds Collect Record Individual Income Taxes Through July; Still Run $683.9B Deficit

August 13, 2018 - The federal government collected a record $1,415,150,000,000 in individual income taxes through the first ten months of fiscal 2018 (October 2017 through July 2018), according to the Monthly Treasury Statement.

But the federal govenrment also ran a $683,965,000,000 deficit for those ten months, according to the statement. The previous record for individual income tax collections in the first ten months of the fiscal year was in fiscal 2017, when the Treasury collected $1,351,409,020,000 in individual income taxes (in constant July 2018 dollars) in the October through July period.

Despite the record amount in individual income taxes collected in the first ten months of this fiscal year, overall federal tax collections declined in the first ten months of this fiscal year compared to last year. In the October-through-July period of fiscal 2017, the Treasury collected $2,820,673,610,000 in total taxes. In the October-through-July period of this fiscal year, the Treasury collected only $2,766,071,000,000.

While individual income taxes collected in the first ten month of the fiscal year increased from 2017 to 2018, corporation income tax collections declined. In the October-through-July period of fiscal 2017, the Treasury collected $239,013,770,000 in corporation income taxes (in constant July 2018 dollars). In the October-through-July period of fiscal 2018, the Treasury collected $166,004,000,000 in corporation income taxes.

In addition to the individual income taxes and corporation income taxes, the total taxes the federal government collected in October through July included $978,254,000,000 in Social Security and other payroll taxes; $70,755,000,000 in excise taxes; $18,761,000,000 in estate and gift taxes; $32,477,000,000 in customs duties; and $84,688,000,000 in miscellaneous revenues. The federal government ran a $683,965,000,000 deficit in October through July of fiscal 2018 because while collecting its $2,766,071,000,000 in total taxes, it spent $3,450,035,000,000.

Feds Collect Record Individual Income Taxes Through July; Still Run $683.9B Deficit