It’s not exactly the report that fiscal hawks in America were looking to see. According to new reports, Federal spending in the first eleven months of the current fiscal year, set a record.
While spending a record $4,155,323,000,000, the government ran a deficit of $1,067,156,000,000.
The most the federal government had ever spent in the first eleven months of a fiscal year before this one was in fiscal 2018 when the Treasury spent $3,951,247,170,000.
That’s a lot of taxpayer dollars.
There is some interesting news from the Treasury on taxes collected, though.
Total federal tax revenues in the first eleven months of fiscal 2019 equaled $3,088,167,000,00. That was more than the $3,037,420,180,000 (in constant August 2019 dollars) that the Treasury collected in total taxes in the first eleven months of fiscal 2018, but less than the $3,099,536,720,000 in total taxes (in constant August 2019 dollars) that the Treasury collected in the first eleven months of fiscal 2017.
The Treasury also collected less in individual income taxes in the first eleven months of this year ($1,534,886,000,000) than it did in the first eleven months of fiscal 2018 ($1,548,213,460,000 in constant August 2019 dollars).
So, at this point, the tax cuts given to the working people of America are giving a boost to the consumer economy, and that money has yet to translate into larger revenues for the Treasury as it trickles down and gets spread out.
Also interesting was which department spent the most.
According to Table 3 in the Monthly Treasury Statement, the Department of Health and Human Services spent the most of any federal agency in the first eleven months of fiscal 2019 ($1,138,456,000,000), the Social Security Administration spent the second most ($1,013,175,000,000), and the Department of Defense-Military Programs spent the third most ($601,137,000,000).
Some things never change. The question many Americans would like answered, though, is how this money is spent. An audit of the books would be nice.