The political relevance of Chicago is that of an insane asylum. Continue reading →
An unfortunate milestone happened today in American history.
President Obama stated during his Tuesday night State of the Union Address to the nation, the good times are back for America. This is his last SOTU address to the nation as his term is up later this year. During his oration of his list of achievements Continue reading →
The federal government is great at spending money. Currently it spends
Economics 21 had an interesting graph in their article titled “How to Fix the $960 Billion Budget Deficit”.
Here is how federal government spending will be broken up the next ten years.
Almost two-thirds of additional spending will be driven by entitlements, primarily Social Security, Medicaid, and Medicare. America’s aging population is the primary contributor to the growth of Social Security and Medicare, while the Affordable Care Act substantially expanded the scope of Medicaid.
Adding interest payments to the budget brings the total increase in the debt from mandatory spending to 85 percent. Spending is projected to grow by $2.3 trillion annually by 2024.
CNSNews.com is reporting the federal governments 2015 first two fiscal months of tax revenue collected and how much it spent.
The U.S. Treasury continued to rake in tax dollars at a record rate in November as the federal government closed out the first two months of fiscal 2015 with $404,155,000,000 in total receipts, according to the Monthly Treasury Statement released today.
Even with these record revenues, the Treasury ran a deficit of $178.531 billion deficit in October and November as it spent $582.686 billion.
What were the sources of revenue?
The biggest source for the record federal revenue during the two-month period was the individual income tax. It brought in $192,619,000,000 in October and November. The second biggest source was “Social Insurance and Retirement Receipts,” the taxes Americans pay for Social Security and Medicare. These brought in $146,263,000,000.
The final 2014 fiscal year interest on debt payment was tallied.
September Interest on Debt payment $19,594,265,555.11
Fiscal YTD payments & total for 2014 $430,812,121,372.05
2014 total is $15 Billion higher then 2013 total and $70 Billion higher then 2012 interest on debt payments.
The United States Treasury just released up to date tax revenue collection relating to 2014 fiscal government budget. 2014 government budget ends in September.
CSN News provides a more detailed analysis:
Inflation-adjusted federal tax revenues hit a record $2,469,178,000,000 for the first 10 months of the fiscal year this July, but the federal government still ran a $460,450,000,000 deficit during that time, according to the Monthly Treasury Statement.
After the current fiscal year, the second highest federal tax intake in the first 10 months of a fiscal year occurred in the first 10 months of fiscal 2007, when the government collected $2,432,115,460,000 in 2014 dollars – or $37,062,540,000 less than in the first 10 months of this fiscal year.
The total dollar amount already spent by the government stands at $2,929,628,000,000.
You can read the rest of the article here.