Federal Deficit

Don’t you remember a time when the year 2000 sounded like far into the future?  Now we’re nearly a quarter century past it, so let’s think about another year that feels distant: 2054.  This is no arbitrary date chosen by Atlas.  No.

At times it can feel as if America’s current circumstances are unique.  However, patterns often emerge which appear similar to those of other periods.  At the foundation of history are people, individuals influenced in a large part by emotions, no differently than we all are today. 

The American Government’s fiscal year has begun, and the start is already deeper into the red than year ago.  During the first 31 days of fiscal 2020, our nation’s deficit reached $134.5 billion, rising 33.8 percent!  This quick dig deeper into the debt hole follows the nearly $1 trillion shortfall in 2019.

Your federal government went deeper into the hole in July 2018 according to the Treasury Department’s budget release.  Spending outpaced revenues by $76.9 billion, increasing the monthly shortfall by $2.0 billion compared to June.  Year-to-date, the fiscal deficit is $684.0 billion, 20.8 percent deeper than a year ago.

Federal tax revenues fell, and outlays rose during February 2018 according to the latest from the Treasury Department.  Receipts dropped to $156 billion from $361 billion in January; this dramatic drop was expected since the first month of the year is normally a stronger period for tax collection.