I heard talk of a real budget coming from and for D.C. soon. It’s been a while. In that time, the makeshift measures have done wonders – assuming everyone wants the country bankrupted.
Real federal spending in fiscal 2017, which ended on Sept. 30, was higher than in any year in the history of the United States other than fiscal 2009, which was the year that President Barack Obama’s $840 billion stimulus law was enacted.
Fiscal 2017 also saw the second highest real federal individual income tax totals of any year in U.S. history, according to the Monthly Treasury Statement released today.
Total federal tax revenues were the third highest in U.S. history.
While it was collecting the third highest total tax revenues in U.S. history, the federal government ran a deficit $665,712,000,000 because of its high total spending.
Republicans have controlled the House of Representatives since 2011, after winning a majority of seats in the 2010 election. They have controlled the Senate since 2015, after winning a majority in the 2014 election. In fiscal years 2016 and 2017, a Congress in which the Republican Party controls both houses was responsible for enacting all federal spending legislation.
Total federal spending in fiscal 2017, according to the Treasury, was $3,980,605,000,000. Total federal tax revenue was $3,314,893,000.
Prior to this year, the highest level of real federal spending was the $4,024,794,600,000 in constant 2017 dollars (adjusted using the Bureau of Labor Statistics inflation calculator) that the Treasury spent in fiscal 2009.
In the years after 2009, real federal spenpding hit its lowest level ($3,633,572,490,000 in constant 2017 dollars) in fiscal 2014. In fiscal years 2015, 2016, and 2017 federal spending has been on the rise again—reaching this year’s $3,980,605,000,000, the second highest spending level in the nation’s history.
On the tax side, federal individual income taxes hit their all-time peak in fiscal 2015, when the Treasury took in $1,598,265,180,000 in constant 2017 dollars in individual income taxes.
Record taxes and they still run record deficits and debt. We can call 2017 the year of the Beast’s Billion…
Check this graph (in constant, inflation-adjusted dollars):
Now, imagine an overlay of the debt doubling about every 8 to 10 years. Next up! $40 Trillion!!!
The Swamp drains the Country.