Federal Revenues and Federal Debt Both Skyrocket to New Records

16 Sep, 2015 by Dave Blount

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Next time someone tells you with a straight face that higher taxes would reduce the crippling debt, remind them of this:

The federal government raked in a record of approximately $2,883,250,000,000 in tax revenues through the first eleven months of fiscal 2015 (Oct. 1, 2014 through the end of August), according to the Monthly Treasury Statement released Friday.

That equaled approximately $19,346 for every person in the country who had either a full-time or part-time job in August.

It is also up about $198,425,330,000 in constant 2015 dollars from the $2,684,824,670,000 in revenue (in inflation-adjusted 2015 dollars) that the Treasury raked in during the first eleven months of fiscal 2014.

Despite the record tax revenues of $2,883,250,000,000 in the first eleven months of this fiscal year, the government spent $3,413,210,000,000 in those eleven months, and, thus, ran up a deficit of $529,960,000,000 during the period.

No matter how much of our wealth Big Government confiscates, it will spend even more. Giving money to government is like feeding fuel to a fire — it will only make it larger, more voracious, and more damaging.

Federal debt is now up to $107,000 per household, and so long as people like Obama are running the show, it will continue to skyrocket, no matter how high they raise our taxes.

The good news is that if something can’t go on forever, it will end. The bad news is that the higher these numbers climb, the harder all of us will fall when the whole system of buying votes through massive debt and tax slavery collapses.