Fiscal Year 2015-2016 Ends with $587 Billion in New Debt
Last week the monthly Treasury Statement was released. The Federal Deficit was $587 billion for the fiscal year ending September 30, 2016. This is higher than Fiscal Year 2014-15 and is daunting when you consider that we saw record revenues collected from individuals last year. corporate revenues were down over the past year. If we had continued Quantitative easing at $85 billion a month, $1 trillion a year, then the annual deficit would have been a $1.5 trillion, or more, once interest is factored into the mix.
Doubly Unpatriotic and Irresponsible Debt. We have seen the Debt Grow from $10T on Inauguration Day 2009 to $19.7 trillion dollars as of the release of the Treasury Report this month. President Obama lamented President Bush being unpatriotic and irresponsible for running the debt from $5 trillion to $9 trillion while running for President during 2008. President Bush, with the help of the newly elected Democrat Majority in the House and Senate approved the Troubled Asset Relief Program (TARP,) Cash for Clunkers, and oversaw the start of Quantitative Easing. TARP was virtually all repaid, with interest, except for the General Motors loan to pull it out of Bankruptcy. Yes, they went bankrupt. I lost my shares in GM.
President Obama has decimated the Defense Budget. President Obama has reduced defense spending from $678 billion during FY 2010-11 to $565 Billion during FY 2015-2016. That is a drop in spending of 16.67%. One definition of decimate is a reduction of 10%. We have seen an increase in spending for Health and Human Services from 893 billion dollars to 1.1 Trillion dollars. That is an increase in excess if 23%.
Spending was Down from Projections for 2015, Up from 2014. If you look at the spending for defense, it increased by $3 billion from 2014-15. Spending for Health and Human Services increased by 75 billion dollars over the same period of time. Treasury spending, which includes the interest on the debt, increased by 41 billion dollars.
You are paying more in taxes - Your business might not be. Individual Income Taxes rose from 1.775 trillion to 1.797 trillion. Some of what you saved at the pump, 22 billion dollars, went to the government in higher taxes. Corporate taxes fell from 390 billion dollars to 346 billion dollars. A reduction of $44 billion dollars. Individuals are paying more, corporations are paying less.
The largest expenditure last year was Health and Human Services. We almost spent as much on the Debt as Federal Defense.
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