Trivia Tidbit of the Day: Part 961 — November Deficits–
The Federal Government’s latest Monthly Treasury Statement for November 2012shows that we probably need to hit the “undo” button about a hundred seventy-two billion times and just start over.
click image for larger versionSince 2009, in just the month of November, federal tax revenue increased from $133.6 billion to $161.7 billion, a quite robust increase of more than $28 billion, or 21%. Meanwhile, federal spending increased from $253.9 billion to $333.8 billion, an absurd increase of just under $80 billion, or 31.5%. Remember, this is just one month– November– we’re looking at. And 2009 spending levels were already elevated in the midst of what was to be temporary federal stimulus. The Keynesian-inspired, stimulus-driven deficit was already enormous and unsustainable in November of 2009, but it was more than 43% larger in November of this year.