The data that the White House published with President Obama’s fiscal 2016 budget proposal yesterday indicate that the federal deficit will increase by 20 percent during this fiscal year (2015) even though the administration predicts the Treasury will bring in record revenue during the year.
According to Table S-1 in the “Summary Tables” appendix to the Obama budget, the deficit was $485 billion in fiscal 2014 and will be $583 billion in fiscal 2015—an increase of $98 billion, or 20.2 percent.
The federal fiscal year begins on Oct. 1 and ends on Sept. 30.
In fiscal year 2015, according to the Obama budget tables, the federal government will take in $3.176 trillion in tax revenue and spend $3.759 trillion.
The $3.176 trillion in tax revenues the White House estimates the federal government will bring in this year is a record in both current and inflation-adjusted dollars.
So Uncle Sam is going to take in more $$ than it has ever taken in FROM YOU, and then turn around and SPEND EVEN MORE than that and praise itself for overspending less than it has in years!
“Since 2010,” says the Obama budget proposal, “federal deficits have shrunk at an historic pace—the most rapid sustained deficit reduction since the period just after World War II. The turn away from austerity in 2014 was accompanied by another steep drop in the deficit, bringing it to 2.8 percent of GDP—the lowest level since 2007, about one-third the size of the deficit the president inherited, and below the 40-year average.” (CNS)
Hurray! Look how wonderful we are! We’re only going to over spend by a $1/2 Trillion instead 1 1/2-2 like we used to!
The Jenny Craig Diet for chronic over-spenders! 🙂
So we’ll only go from $18 Trillion in Debt to 18 1/2 (minus the interest)!!
Since Obama took office, the federal debt has climbed from $10,626,877,048,913.08 to $18,082,294,157,510.20–an increase of $7,455,417,108,597.12 (and climbing), the most in US HISTORY!
Aren’t we wonderful!
And so fiscal responsible. 🙂
HAPPY TIMES ARE HERE AGAIN!
Oh, and Obama wants to raise even more taxes! so he can overspend even more next year. Hurray!