I updated my revenue, spending & deficit table for the US Treasury. Clearly tax collections continue to rise despite the lower corporate tax rate.
- The "problem" is SPENDING has gone up much faster than revenue.
- During fiscal 2022, total US Treasury revenue grew 21.0% to $4.9 trillion while spending fell only 8.0% to $6.3 trillion thus adding another $1.4 trillion to the deficit.
- The largest Outlay for September was for $449 billion for "Education" with Medicare and Social Security tying for 2nd and 3rd at "only" $104 billion each.
Spending fell as the government isn't paying workers to not work and stay home to slow the spread of COVID-19. To get a better idea, below are some comparisons to fiscal year1999 before COVID impacted our economy.
Compare FY 2022 with FY 2019:
- In FY 2019 before spending on COVID-19, the total deficit for the year was "only" $0.98 trillion, thus the deficit grew 40% while revenue collected from taxes grew!
- Total Revenue in 2019 was $3.33T and total spending was $4.11T
- Total Revenue in 2022 was $4.90T and total spending was $6.27T
- Between FY 2019 and FY 2022
- Revenue grew $0.76T or 23%
- Spending grew $2.16T or 53%
Receipts, Outlays, and Surplus/Deficit for September 2022
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| Receipts by Source: Outlays by Function: |
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Data from: Sep 2022 Monthly Treasury Statement (.pdf)
US National Debt now exceeds $31 TRILLION dollars or $247,882 per taxpayer and $93,703 per person!
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