Well it would appear that our government is now been raking in more (in inflation-adjusted dollars) that it has ever raked in before. What I mean to say is that by the end of May the federal government had taken in an unprecedented $1,934,919,000,000 thus far in fiscal year 2014. However, it is once again that Barry "Almighty" has proven that even that record amount falls far short of his ability to spend.
Because despite that record amount of revenue, the federal government still managed to run a deficit of $436.382 Billion in the first eight months of the fiscal year, which began back on Oct. 1, 2013 and will finally come to an end on Sept. 30, 2014. Even in the month of May alone, the federal government ran a deficit of $129.971 Billion, bringing in $199.889 Billion in revenue while spending $329.860 Billion.
And adding insult to injury, fiscally speaking of course, the White House Office of Management and Budget (OMB) now estimates that in the full fiscal year 2014, the federal government will, while collecting $3.001721 Trillion in taxes, a record amount in inflation-adjusted tax revenue, it will spend $3.650526 Trillion. So even though collecting a record amount of taxes, we will still run a deficit of $648.805 Billion.
The second-greatest federal tax (in constant 2014 dollars) haul through May was back in fiscal year 2007. By the end of May that year, the federal government took in approximately 1.908 Trillion in total receipts in constant 2014 dollars. The single largest source for the federal government’s record tax receipts in the first eight months of FY 2014 was, of course, the individual income tax, which brought the Treasury $903.024 Trillion.
Now stop and think about that for a minute. We, the U.S. taxpayers, have already sent off to Washington nearly $1 Trillion. And yet it still doesn’t seem to be enough to satisfy the insatiable spending appetite of Barry "Almighty" and the congressional Democrats. Now does anyone else, besides myself, find that as being the slightest bit offensive? At what point will more Americans declare themselves to be, ‘Taxed Enough Already?’
The second largest source was what the Treasury calls "Social Insurance and Retirement Receipts," which includes the Social Security payroll tax, the unemployment insurance tax and other retirement taxes. This accounted for $694.268 Billion in tax revenue. The third largest source of federal revenue in the first eight months of fiscal 2014 was the corporation income tax, which brought in $164.840 Billion.
I think it safe to say that Barry has been on mission since day one of his presidency. One way for him to increase his odds of success is to demand more money from us so we will have less to spend on those purchases that would make our economy stronger, because he has a vested interest in keeping our economy weak. Because by so doing, it makes it all the easier for him to make living off of the government a viable, and even acceptable, option. And those living off the government tend to vote Democrat.
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