Last April, the Federal government collected $319 billion in taxes and other revenue, which compared to April’s spending of $260 billion, represents a budget surplus of $59 billion—the first budget surplus in this administration’s history.
Last April, those $319 billion in taxes and other revenue compared to the $404 billion in total revenue collected in April 2008.
Last April, The Federal government collected $179 billion in personal income taxes and $28 billion in corporate income taxes.
In early May, the Federal government had accumulated $15.7 trillion in total debt, or more than $138 thousand per taxpayer. Of that debt, $5 trillion is held by foreign countries.
By early May, the national Debt to GDP ratio was 104%.
Through early May, the Federal government was running a budget deficit of $1.3 trillion and rising—never mind that one-month surplus.
Through early May, the Federal government had spent $1.5 trillion on Social Security and Medicare/Medicaid.
Through early May, the Federal government revenues to GDP ratio was 32%—revenues collected represented a value equal to 32% of our nation’s total economic output.
Through early May, the Federal government spending to GDP ratio was 45%.
Think about those.