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Willisms

« Texas' Crime Rate Falling More Rapidly Than National Rate. | WILLisms.com | Texas Has Added Jobs Across All Income Levels. »

On November's 172 Billion Dollar Federal Deficit.

Trivia Tidbit of the Day: Part 961 -- November Deficits-

The Federal Government's latest Monthly Treasury Statement for November 2012 shows that we probably need to hit the "undo" button about a hundred seventy-two billion times and just start over.

novemberrain.036.gif
click image for larger version

Since 2009, in just the month of November, federal tax revenue increased from $133.6 billion to $161.7 billion, a quite robust increase of more than $28 billion, or 21%. Meanwhile, federal spending increased from $253.9 billion to $333.8 billion, an absurd increase of just under $80 billion, or 31.5%. Remember, this is just one month-- November-- we're looking at. And 2009 spending levels were already elevated in the midst of what was to be temporary federal stimulus. The Keynesian-inspired, stimulus-driven deficit was already enormous and unsustainable in November of 2009, but it was more than 43% larger in November of this year.

The deficit for November 2009 was a shockingly high and completely untenable 90% of all federal tax revenue, but that figure actually climbed to 106% last month despite more than $28 billion additional tax dollars collected.

This past year in particular has seen an especially dramatic increase in spending, however.

novemberrain.037.gif
click image for larger version

While November tax collections were up a healthy 6.1% from 2011, spending went up 15.2%. The deficit last month was more than 172 billion dollars. Again, one month.

It's abundantly clear that we have a spending problem, not a revenue problem.

-------------------------------------

Previous Trivia Tidbit: Texas is Right on Crime.

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Posted by Will Franklin · 12 December 2012 02:45 PM

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