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Friday, October 14, 2016

2016 Budget Deficit Grew 33.8% over Fiscal 2015

If the economy is doing so well, why is government spending rising faster than tax collections?

Between fiscal 2015 and fiscal 2016
  • Collections by the US Treasury grew by 0.6% to $3.27 trillion
  • Spending by the US Government grew by 4.5% to $3.85 trillion
  • The US budget deficit grew by 33.8% or $587 billion 
Here is my breakdown of the data in table form to add numbers they don't like us to know.
Click for full size image
Total Federal Government Debt in 2016:  At the end of FY 2016 the gross US federal government debt is estimated to be $19.4 trillion, according to the fiscal year 2017 Federal Budget.  

October was the start of FY 2017 so here is an estimate of where the total national debt stands as of today:

You can check my numbers here at the Treasuries "Final Monthly Treasury Statement"
  • https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/mts0916.pdf
This table adds a calculation for the monthly, rather than YTD change.

I have a hard time making the case our economy is "recovering" when government spending is growing faster than tax collections.  Your mileage may vary.

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