The Wall Street Journal posted an article yesterday about the amount of tax revenue the federal government collected for fiscal 2015. The good news is that the government collected a record amount of money–$3.249 trillion. That is an 8 percent increase in revenues for the year. The bad news is that the government still managed to spend more than it took in. The budget deficit was $435 billion–a decline of $48 billion. The article notes that although the decline is small, it is huge for the seventh year of what the government claims is an expansion. The article also notes that inflation is growing by less than 2 percent.
The article reports:
The reason for the small decline is that spending for the fiscal year climbed 5.2% to $3.685 trillion. That increase came even though defense spending fell $16 billion, or 2.7%, thanks to the drawdown in Afghanistan.
The spending burst included a 16.1%, or $49 billion, increase in Medicaid for the first full year of ObamaCare. Medicaid spending has climbed $85 billion to $350 billion in two years, and that’s with 19 states declining to join.
The Congressional Budget Office also cites a $30 billion, or 51%, spending increase for the Department of Education—“mostly because of an $18 billion upward revision in the estimated net subsidy costs of student loans and loan guarantees issued in past years.” Translation: Mr. Obama’s takeover of the student-loan business is costing far more money than advertised, probably due to growing defaults.
Let’s put these numbers together. Inflation is less than 2 percent. There was an 8 percent increase in revenues collected by the federal government. There was a $435 billion deficit. These numbers are unsustainable. They will assure the destruction of America. We need to elect people to Congress and the White House who will cut government spending. It is a national disgrace to have an 8 percent increase in revenues and still have a deficit. It is time for any rational members of Congress to demand a spending cut.