The Survival Economist
Premiered Apr 23, 2022
The U.S. budget deficit mushroomed by 2% last month to $209 billion, another step in a journey back toward 1 trillion dollars a year budget deficits. The Treasury Department announced Wednesday that the federal government but spent a record of $434 billion in November but only took in $225 billion in tax and other revenue.
November is the second month of the government’s 2020 budget year. So for the first two months of the Fiscal Year 2020, we have a budget deficit of $414 billion . And away we go! Trump said that the GOP Tax Plan would bring in so much money from offshore accounts and increased revenue that the nation’s debt will be wiped out in 8 years. Trump said GDP would be 4-6% .
We’re already asking Congress again to raise the debt limit to avoid a shutdown of the government. The budget deficit was 1.27 trillion dollars over the past 12 months. The nation’s debt has increased by 6% for the past 12 months. Debt is rising faster than GDP growth. The great businessman is actually the King of Bankruptcy.
We live in an effed-up world where more debt is good, and nobody cares about next year; never mind our kids’ future. Here are The numbers. The federal government ran a budget deficit of $209 billion in November, the Treasury Department said Wednesday, an expansion of 2% from a year ago. So What happened. Spending for the month was $434 billion, while the government brought in only $225 billion.
Spending went up 6%, as expenses increased on Medicare, agriculture, military, and other programs. Spending rose on agriculture!
A trillion dollars down, and trillions more to go and yet not one word from the White House about how to slow down the deficits.
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