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Trivia Tidbit Of The Day: Part 214 -- Government Revenue Growth Continues To Outpace Spending Growth.

Spending Up, Revenues Further Up-

The Treasury Department this week released its first monthly statement for Fiscal Year 2006 (FY06). As was the case last year, Uncle Sam's earnings continue to increase faster than expenses.

In October 2004, which was the first month of Fiscal Year 2005 (FY05), the U.S. government had the following receipts and outlays (in millions):

Receipts- $136,836
Outlays- 194,196

In October 2005, which was the first month of Fiscal Year 2006 (FY06), the U.S. government had the following receipts and outlays (in millions):

Receipts- $149,488
Outlays- 196,718

Compared to last year at this point, revenues are up 9.2%, while spending is up 1.3%. This is particularly good news, as revenue growth outpaced spending growth last year, as well. So this is good news compounded on top of good news.

Sure, it's just one month, but it is a continuation of a trend that is encouraging for those who want to see an end to big budget deficits. It is also a continued vindication of President Bush's tax relief, which actually boosted government receipts to all-time highs.

The budget deficit fell last year from $412.8 billion to $318.6 billion, after being projected to rise substantially. If the trends hold up, we'll see a budget deficit in the two-hundred-something billion dollar range. With a 12+ trillion dollar economy, a $200-something billion deficit would, believe it or not, be historically very low.

Source:
Treasury Department (.pdf).

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Posted by Will Franklin · 12 November 2005 10:37 AM

Comments

Posted by: KipEsquire at November 12, 2005 11:40 AM

Posted by: Will Franklin at November 12, 2005 11:44 AM

Posted by: V the K at November 12, 2005 02:21 PM

Posted by: K at November 14, 2005 12:47 AM