The numbers are staggering, but most Americans have been rocking them for years. When the numbers ran into the billions some time ago, they were long past the average person’s ability to imagine the enormity.
And now, when the government tosses around with numbers like $ 1 trillion and $ 3.5 trillion – that is, when it comes to the budget and spending bills – the numbers go beyond our shy vocabulary.
Here are some of the more interesting numbers we found on the newspaper’s monthly deficit summary:
• For the current fiscal year, from last October to July of this year, “the government posted record sales of $ 3.32 trillion for that period.”
• That was 17.5 percent more than in the same period of the previous year.
• Corporate taxes have risen by 76.2 percent so far this year. (So much for Trump’s tax cuts that are the cause of all the bad things in the budget.) The government collected $ 282.1 billion in corporate taxes between October and July.
• Income tax collection for individuals is also ongoing.
Money flows into the federal government’s bank account. The year-to-year increase may be skewed because the virus boiled over at that time last year. But the amount flowing into Washington, DC is still breaking historic records.
The problem, of course, is the expense.
In the first 10 months of the fiscal year, spending rose 4.4 percent – a record $ 5.86 trillion. The government is spending 4.4 percent more this year than when it stimulated the economy with Covid packages in spring and summer 2020. The year-on-year comparison goes in both directions.
This year, experts predict that spending will either hit a record or be the second highest in American history. The Associated Press article that aired Thursday also included this confirmation: The estimates “do not take into account the impact of two huge spending bills now advancing in Congress: about $ 1 trillion in support of traditional infrastructure programs like building Highways and $ 3.5 “. Trillions of measures only Democrats backed to tackle problems like poverty and climate change. “
Anyone with a credit card could tell you that when you run into a deficit every year, it’s hard to go into debt. In fact, if our math is almost correct this time around, it’s impossible. Some of us are old enough to remember a president named George W. Bush. When he stepped down in 2008, the national debt was just over $ 10 trillion. Now it’s $ 30 trillion.
And that’s not because the receipts are tight. That’s because the government – that’s you and we, by the way, and our leaders in both big parties – can’t control spending.
We’ve said it before, but it deserves to be repeated until someone hears it: if a nation can continue to spend like this without consequences, it will be the first time in world history.