Budget Deficit in U.S. Narrows to 5-Year Low on Record Revenue

Budget Deficit in U.S. Narrows to 5-Year Low on Record Revenue

It looks like some of those sequester cuts and tax revenue increases helped the Federal balance sheets in Fiscal Year 2013 (Oct 1,2012 thru Sept 30, 2013).

The total federal spending deficit was *only* a little over -680 billion dollars !!

In contrast, last year the spending deficit was a little over 1 trillion dollars.

It seems however, the lower deficit spending was mostly due to increased revenues (mainly from taxes), and not so much of any less spending.


FY2013 total spending was $3.45 trillion compared to $3.54 trillion in FY2012

A little better due to some binge restraints.

Unemployment was at (U3) 7.2% for September.

The National Debt as of Oct 28th is at -17.09 Trillion dollars !! (and rising)

Total Public Debt issues for fy2013 show $62.16 trillion
Total Public Debt redemptions for fy2013 show $61.49 trillion

The U.S. posted its smallest budget deficit in five years as employment gains helped propel revenue to a record.

Spending exceeded receipts by $680.3 billion in the 12 months ended Sept. 30, the narrowest gap since 2008, compared with a $1.09 trillion shortfall in fiscal 2012, the Treasury Department said today in Washington. In September, the U.S. recorded a $75.1 billion surplus, little changed from the surplus in the same month a year earlier.

Stronger hiring has helped reduce the country’s deficit as a share of gross domestic product by more than half in the past four years, narrowing it from a record $1.42 trillion in 2009. Bolstering revenue this year were higher payroll taxes Congress allowed in January, while spending growth has been limited by across-the-board cuts known as sequestration that lawmakers failed to prevent in March.

article;
Budget Deficit in U.S. Narrows to 5-Year Low on Record Revenue


related;
Treasury Balance Sheet - Sep 30, 2013

Treasury Balance Sheets by date


Historical Table from WhiteHouse data (table 1.1)


Debt Clocks - Time Bombs

reply to post by xuenchen


I'm all for getting the Deficit down, but why hasn't spending gone down as well? With alot more people working, there should be less people on Govt. Assistance, resulting in less being spent on that portion of the budget.

Where's the Beef??? And more importantly, why the H did we have to raise the debt limit then????? Things are getting better, right? I swear we are in Bizarro World.

The best way to reduce the Deficit is to get more Americans working, less Americans on assistance. That's a win/win. Revenues go up, not because of tax increases, but because more people are actually paying taxes.

Bill Clinton was right on this thing, It's always the economy stupid.

pavil
reply to post by xuenchen

 

I'm all for getting the Deficit down, but why hasn't spending gone down as well? With alot more people working, there should be less people on Govt. Assistance, resulting in less being spent on that portion of the budget.

Where's the Beef??? And more importantly, why the H did we have to raise the debt limit then????? Things are getting better, right?

One problem is that unemployment isn't really "dropping" to the low 7% range. That's the government propaganda figure. From what I've read it's around 11.2 - 11.4%. Actually it seems like it's even higher than that. ZeroHedge..

When it comes to government manipulated statistics it might be best to take it with a grain of salt. Look at the Fed lies about inflation. Anyone who really believes it's under 2% hasn't been grocery shopping or filled their gas tank lately.

reply to post by Bassago


It is unreal thinking back to when I started driving. I could fill the monster tank, on my behemoth boat of a GMC car for around 15 bucks back then. That was only 13 years ago lol, not one of those stories the old people like to tell about walking to school, with only one boot, uphill both ways 37 miles etc etc

Grocery bill for the week with a 5 person family was under 100 bucks my pops says. Contrast that to now, it is insane.

reply to post by pavil


Unemployment might have gone down, but largely due to increase in part-time jobs and the salaries have also decreased.You can not qualify for welfare when your salary is good.

The economy is far from having recovered from the 2008 crisis. The only thing keeping the economy from crashing again is the money being pumped in the system, despite it being just the cure for symptoms rather than the problem itself. Due to the consequences that the new crash might bring, at current moment that is probably one of the best solutions, although it can not last long, so some other solution needs to be found to the problem itself.

Revenues are increasing though, which is very positive at the end. Since 08, the revenues have increased by nearly 700 billion, which is for the first time more than what was during Bush´s last year, although due to still many people in need for welfare and other benefits which they have paid for from their taxes during previous years, the overall spending is still quite high.

Bassago

pavil
reply to post by xuenchen

 

I'm all for getting the Deficit down, but why hasn't spending gone down as well? With alot more people working, there should be less people on Govt. Assistance, resulting in less being spent on that portion of the budget.

Where's the Beef??? And more importantly, why the H did we have to raise the debt limit then????? Things are getting better, right?

One problem is that unemployment isn't really "dropping" to the low 7% range. That's the government propaganda figure. From what I've read it's around 11.2 - 11.4%. Actually it seems like it's even higher than that. ZeroHedge..

When it comes to government manipulated statistics it might be best to take it with a grain of salt. Look at the Fed lies about inflation. Anyone who really believes it's under 2% hasn't been grocery shopping or filled their gas tank lately.

the unemployment number is around 23% these days, if you do the simple math of subtracting the number of people (able to work), with the number actually working, minus those un able to work I.E. elderly, disabled and children. that's the only number needed to know, the number that effects our everyday lives.

LittleBlackEagle

Bassago

pavil
reply to post by xuenchen

 

I'm all for getting the Deficit down, but why hasn't spending gone down as well? With alot more people working, there should be less people on Govt. Assistance, resulting in less being spent on that portion of the budget.

Where's the Beef??? And more importantly, why the H did we have to raise the debt limit then????? Things are getting better, right?

One problem is that unemployment isn't really "dropping" to the low 7% range. That's the government propaganda figure. From what I've read it's around 11.2 - 11.4%. Actually it seems like it's even higher than that. ZeroHedge..

When it comes to government manipulated statistics it might be best to take it with a grain of salt. Look at the Fed lies about inflation. Anyone who really believes it's under 2% hasn't been grocery shopping or filled their gas tank lately.

the unemployment number is around 23% these days, if you do the simple math of subtracting the number of people (able to work), with the number actually working, minus those un able to work I.E. elderly, disabled and children. that's the only number needed to know, the number that effects our everyday lives.

Very good point !!

here's a link for anyone interested.....

Shadow Government Statistics

reply to post by xuenchen





Can we trust the numbers the government are giving us? Can we trust the media?



If you answered YES to either of these questions you are a fool. I am sorry to sound harsh but someone has to tell you. So when you see feel good stories like the one above remember the simple trust questions listed above.




The progressive filth have taken out our foundation pillars that used to be made of cement and changed them with pillars made of salt. An epic economic tsunami will come and wash them all away. It could come next month or next year but it will come. It is not a prediction anymore it is fast becoming fact.

I will immediately go back and read the replies in the thread.... I just wanted to give you my untarnished viewpoint, analysis on just WHY the 'Lower' budget deficit is mathematically happening even as this spend-spend-socialist is still in power.


think back to the Billion$ that were spent on gillotenes, FEMA camps, ammo in the 100s of billions by every Agency in government in the first 3 years of this communists term....
the USA library system requested a billion rounds of illegal hollow=point .45 ammo for example...

well.... After the request for guns/bullets/skull lopping apparatus is OK'ed and spent the next fiscal year budget by that Agency is automatically increased by 5%... so that $1 budget increases $500 million by Law---not need !

multiply the budget increases of $1.2 Trillion by the Obama stealth budget increases in spending on crap items like bullets/weapons that the particular Agency has no need for and VIOLA

the next years budgets are financed at the much higher rate but the annual increases are sometimes ~less~ that the allowed +5% increase....and what is the result... a totally fraudulent claim that the deficit spending is DOWN year-over-year... it makes the occupier in the WH look good- like a fiscal conservative....

but look back at the excessive, major deficits he piled up in the preceding years...
good grief --> the lies/fraud/spin/manipulation/propaganda is gut wretching to me ----> how 'bout you ?

in simpler terms... BHO increased the budgets of a wide array of Agencies in the first 3-4 years'


which ultimately increases the base-line budget allocation for each Agency with an agreed upon annual 5% increase in budget requests the following year

as an example: the library system gets a demand to buy 1 billion rounds of Ammo at $400 million in 2010. the result is an authorized budget increase of $420 million in 2011- and an increase authorized for $441 million in 2012... the base line budget expendenture increases in 2013 to $453.02 million in 2014 without oversight or investigation...

BHO started the snowball of increased, budget smashing spending, by having various Agencies request increased funding for wasteful, unneeded, superfluous needs... just so he could ratchet up the deficit spending of the US Government which will eventually lead to national bankruptcy=ruin... but be hidden in the current propaganda of reduced Deficit spending


this guy is easy to see through... although it took most of us a whole first term to see the hidden reality

thanks for that star on the last out-of-the-blue post... kindly do not bring attention to me.... just consider what I present for your forward looking decisions in a private way.... glad I can shine some light on the BS for what is underneath

It appears that the economic policies of the last several years have been good.

I'm not really down with the big bailouts of the financial institutions though. That's the big thing I didn't like. This is America, where nobody is too big to fail. If a giant corporation fails, a dozen smaller ones will be right there to take it's place. That's how capitalism works.

Now, if only the republicans could understand what works and not use the same old rhetoric that Romney used last election cycle.

They still over spent by 600 and some billion dollars. How and the hell does that happen? The US infrastructure is crumbling and where and the hell does all those federal gas taxes go? People are saving money on lower gas yet the government still gets theirs no matter what the price of a gallon goes for. We could as a nation cut the unemployment and welfare outlay by simple putting all those folks to repairing the infrastructure. It seems that since ww2 the US has been running in crisis mode spending more and more money we don't have.
a reply to: xuenchen

Well, we are about to see if a Democrat president and a Republican congress can recreate the budgetary success of the Clinton years.

This is Obama though and Boehner/McConnell. So who am I kidding?

Smaller deficits thanks to the low low low 7% unemployment rate. Who do they think they're kidding? The real unemployment rate is around 25% and if you include underemployment it's way higher than that.

originally posted by: pavil
I'm all for getting the Deficit down, but why hasn't spending gone down as well? With alot more people working, there should be less people on Govt. Assistance, resulting in less being spent on that portion of the budget.

Because government assistance programs cost literally nothing, they are 100% free. Not only is their share of the budget low, but people on them don't have the luxury of saving money, they spend it all. When its spent in the store its taxed. When it's spent by that store on new product from their distributor it's taxed. When the distributor buys from the manufacturer its taxed, and when the manufacturer buys the raw materials it's taxed. What isn't taken in corporate taxes is paid out to the employees and taxed in payroll.

This is why government assistance programs are a good thing. They create economic stimulus at a very low (if any) cost.

That's good news, I'm glad to see that sort of improvement. Beats the piss out of the economical doomsday scenarios that were floating around these previous few years.

originally posted by: SubTruth
reply to post by xuenchen

 

Can we trust the numbers the government are giving us? Can we trust the media?

I don't even think they can trust that all the numerical data is perfectly accurate. As for manipulating the data to give an inaccurate representation of the numbers? What reason to believe they wouldn't do we have?