December 13, 2017

IT’S THE SPENDING, STUPID: Feds Collect Record Taxes Through November; Still Run $201.8B Deficit.

Despite these record tax revenues, the federal government still ran a deficit of $201,761,000,000 for those same two months.

That is because the government spent $645,476,000,000 in October and November.

The $443,715,000,000 that the federal government collected in taxes in the first two months of this fiscal year was $12,873,120,000 more in constant 2018 dollars than it collected in the first two months of fiscal 2017 and $11,352,180,000 more than it collected in the first two months of fiscal 2016.

We’re on track for the second consecutive $600 billion-plus deficit, absent an economic downturn or major war.