Buy WILLisms

XML Feed

Featured Entries

The Babe Theory Of Political Movements.
Mar. 21, 2005 11:50 AM

Iran's Sham Election In Houston.
June 20, 2005 5:36 AM

Yes, Kanye, Bush Does Care.
Oct. 31, 2005 12:41 AM

Health Care vs. Wealth Care.
Nov. 23, 2005 3:28 PM

Americans Voting With Their Feet.
Nov. 30, 2005 1:33 PM

Idea Majorities Matter.
May 12, 2006 6:15 PM

Twilight Zone Economics.
Oct. 17, 2006 12:30 AM

The "Shrinking" Middle Class.
Dec. 13, 2006 1:01 PM

From Ashes, GOP Opportunities.
Dec. 18, 2006 6:37 PM

Battle Between Entitlements & Pork.
Dec. 21, 2006 12:31 PM

Let Economic Freedom Reign.
Dec. 22, 2006 10:22 PM

Biggest Health Care Moment In Decades.
July 25, 2007 4:32 PM

Unions Antithetical to Liberty.
May 28, 2008 11:12 PM

Right To Work States Rock.
June 9, 2008 12:25 PM



Blogroll Me!



July 2008
June 2008
May 2008
April 2008
March 2008
February 2008
January 2008
December 2007
November 2007
October 2007
September 2007
August 2007
July 2007
June 2007
May 2007
April 2007
March 2007
February 2007
January 2007
December 2006
November 2006
October 2006
September 2006
August 2006
July 2006
June 2006
May 2006
April 2006
March 2006
February 2006
January 2006
December 2005
November 2005
October 2005
September 2005
August 2005
July 2005
June 2005
May 2005
April 2005
March 2005
February 2005
January 2005
December 2004

Social Security Reform Thursday.
March 13, 2008

Caption Contest: Enter Today!
Due: July 29, 2008

The Carnival Of Classiness.
Mar. 14, 2006

Quotational Therapy: Obama.
Apr. 4, 2008

Mainstream Melee: Wolfowitz.
May 19, 2007

Pundit Roundtable: Leaks.
July 9, 2006

A WILLisms.com(ic), by Ken McCracken
July 14, 2006


Powered by Movable Type 3.17
Site Design by Sekimori

WILLisms.com June 2008 Book of the Month (certified classy):

The WILLisms.com Gift Shop: Support This Site


This Week's Carnival of Revolutions: carnivalbutton.gif

Carnival Home Base: homebase.gif


« Trivia Tidbit Of The Day: Part 168 -- Economic Freedom. | WILLisms.com | Some Call It A Bonfire/Carnival Of Classiness... »

Spending Up, Receipts Way Up.

The U.S. Treasury Department's Monthly Treasury Statement for August 2005 (.pdf) is out.

From October 2004 through August of 2005, federal spending in the United States rose 6.8%, relative to the same time frame last year.

Meanwhile, revenues coming into the government from October 2004 through August of 2005 rose by 13.7%, relative to the same time frame last year.

The good news: the growth of government receipts is far outpacing the growth of government spending.

The bad news: to begin with, government spending was already much larger than government receipts.

Thus, we're still running a deficit. Just not as large as projected.


Through August 2004, the annual federal budget deficit was 437,455,000,000 dollars.

Through August 2005, the annual federal budget deficit is 352,562,000,000 dollars. This marks a decline of 19.4% from last year. The gap between government outlays and government revenues is shrinking.

If you are a bit confused, just understand that fiscal years (FYs) begin in October of the previous year and end in September. Right now, we are at the tail end of Fiscal Year (FY) 2005. Last September, the Treasury ran a surplus, reducing the annual deficit from 437 billion to 412 billion.

This year, Congress and President Bush have already approved tens of billions of relief aid for Hurricane Katrina, which will complicate the progress of cutting down the deficit. But it remains important to note that tax relief has grown the American economy, which has generated more tax revenues, even at a lower rate. This has allowed us to cut down the deficit, although spending growth remains far too high.

And speaking of spending growth, it has grown 144 billion dollars this year over last. Here are the 12 most significant items causing growth in federal spending this year over last (notice how much of it is entitlements and other non-discretionary spending):

1. National Defense: $30.1 billion more than last year.
2. Social Security: $25.3 billion more than last year.
3. Medicare: $23.0 billion more than last year.
4. Net Interest: $18.1 billion more than last year.
5. Education: $11.9 billion more than last year.
6. Health: $9.7 billion more than last year.
7. Agriculture: $9.5 billion more than last year.
8. Income Security: $9.3 billion more than last year.
9. International Affairs: $8.0 billion more than last year.
10. Veterans Benefits & Services: $7.5 billion more than last year.
11. Community & Regional Development: $6.4 billion more than last year.
12. Transportation: $2.1 billion more than last year.
13. Energy: $1.2 billion more than last year.
14. Science, Space, Technology: $1 billion more than last year.

Spending decreased in some areas, too:

1. Administration of Justice: $6.1 billion less than last year.
2. General Government: $5.3 billion less than last year.
3. Natural Resources & Environment: $2.9 billion less than last year.
4. Commerce & Housing Credit: $0.5 billion less than last year.

This information ought to reinforce just how important it is to reform entitlements such as Social Security and Medicare. This data also ought to underline the importance of pro-growth tax reform, which will help us grow our economy, which will ultimately spur greater receipts of tax revenues.

Posted by Will Franklin · 13 September 2005 03:13 PM