Tag / Treasury Department

by Hoosier Econ

New Ponzi Scheme: Invest in Government

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Government wants you to invest in them. President Obama talked of a new investment fund in the past and now, without consent of Congress, has started it up through the Treasury Department. Here is more from the Wall Street Journal:

A form of Roth Individual Retirement Account that allows people to save after-tax dollars and watch them grow tax-free until retirement, the new myRA offers a single investment option. It’s a private version of the G Fund that is available to federal workers and has lately been delivering annual returns of about 2% on its portfolio of Treasury securities.

Government is guaranteeing no fees to the investor. That is political code for the taxpayer will subsidize it.

Treasury is funding the program out of the budget for its Bureau of the Fiscal Service. The assertion here is that existing law allows this part of the Treasury to hire financial agents as part of its mission to efficiently finance the federal government.
Taxpayers are covering the costs, though their elected representatives in Congress never voted to create the program. So far Treasury also hasn’t told us the fees it is paying Comerica.

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by Hoosier Econ

Federal Government Deficit for 2015 Fiscal Year

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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.