Senator Obama chastised President Bush for adding $4 trillion to the debt "all by his lonesome." He called it unpatriotic and irresponsible. President Obama has just over $10 trillion in debt on the books when he took office. Half a trillion in Troubled Assert Relief Program funds that were issued under President Bush had been repaid under President Obama. The Federal Debt is now $19.518 Trillion dollars. President Obama has added $10 trillion dollars to the debt "all by his lonesome." He has been doubly irresponsible. He has been doubly unpatriotic.

How did the August Treasury Report detail the situation?

We have Record Levels of Revenue - Even with year over year decrease in Corporate Taxes. So much for the gasoline/energy savings. We know that the talking heads have been saying that we are saving money at the pump and that these savings are pushing retail sales higher. Last year we paid in $24 billion less in taxes, to this point of the fiscal year. Have we saved $24 billion in gasoline costs during the past 11 months? We will find out when the monthly and annual retails trade survey (MARTS) data. We paid $24 billion more in taxes during August of 2016 versus August 2015. Did you save $21 billion in gasoline last month? It is doubtful. Corporate Taxes are down 35 billion dollars for the fiscal year to date.

Spending was up for August by over 60 billion dollars from August of 2015. This is the highest level of spending ever when Quantitative Easing was not in place. Quantitative Easing Cost us $85 billion dollars a month for years on end. That is a cost of over $1 trillion a year.

We will Have an Annual Deficit Greater than $500 billion dollars this year. We are on track to have a higher deficit than we had during Fiscal Year 2013-14 when we had a deficit of $480 billion. We should run a surplus during September due to quarterly tax receipts. We barely received a surplus during Junewhen the last quarterlies were paid. We had a surplus of $6 billion. That is a rounding error of a $4T spending spree. The good news is that our annual deficit this year should be less than the current level of $621 billion.

We have spent $55 Billion more on Health and Human Services and  $29.5 Billion more on the Debt interest this year compared to last year. The problem is that the Affordable Care Act wasn't supposed to cost us more money. The problem is that candidate Obama was going to reduce the deficits and the debt. The real problem is that we are on track for $1T of new publicly financed debt for this fiscal year.

We do not have a revenue problem - We have a spending problem.