The federal government would have run a $270 billion surplus in fiscal 2015 had federal spending merely returned to the level it was in fiscal 2008—the last fiscal year before President Barack Obama took office.
That is according to the official spending and revenue numbers published by the Treasury.
In fiscal 2008, according to the Treasury, the federal government brought in $2,523,642,000,000 in revenue and spent $2,978,440,000,000. It thus ran a deficit of $454,798,000,000.
In fiscal 2015, the government brought in a record $3,248,723,000,000 in revenue. That is $270,283,000,000 more than the $2,978,440,000,000 that the government spent in fiscal 2008.
But the federal government did not limit its spending to $2,978,440,000,000 in fiscal 2015. Instead it spent $3,687,622,000,000.
So, instead of having the surplus of $270,283,000,000 that it would have had in fiscal 2015 had it only spent as much as it spent in fiscal 2008, the government ran a deficit of $438,899,000,000.
Similarly, the federal government would have run a surplus of $41,931,000,000 in fiscal 2014—when it brought in $3,020,371,000,000 in revenue–had it held spending to the $2,978,440,000,000 level of fiscal 2008. Instead, the government spent $3,503,732,000,000 in fiscal 2014 and ran a deficit of $483,361,000,000
Read more: cnsnews.com
- Watch: Al Sharpton’s Epic Fails When Reading Teleprompter Will Have You Rolling With Laughter, ‘The Thigh (Thai) Militarty’
- Bill O’Reilly Breaks His Silence: His Firing was a ‘Political and Financial Hit Job’ [Video]
- Defense Secretary James Mattis is Ready to Shoot Down North Korea’s Ballistic Missiles
- Crocodile ‘Whisperer’ Claimed the Creatures Wouldn’t Harm Him, Then He Went for a Swim
- Trump UN Speech: ‘Rocket Man’ Kim Jong Un is on ‘suicide mission’ [WATCH]
- ISIS on the Verge of Losing its ‘Capital’
- CNN Made to Report Trump’s ‘Wiretap’ Accusations May Have Been True
- Maxine Waters: ‘I think too much credit is given to presidents about how the markets are working…’
- MSNBC Host Claims Antifa is ‘on the Side of Angels’
- College Pays Professors Huge Settlement After ‘Ban of White People’ on Campus Threatened Their Lives [Video]
- Columbus Day Now has a New Racially Acceptable Name in Los Angeles, Explorer to be Erased from History…
- Trump Cuts Budget for Major U.N. Project!
- Chelsea Handler: ‘Black White Supremacy’ is a Real Thing
- Hillary Clinton is ‘Done With Being a Candidate’
- Buffalo Bill’s Personal Armory
- WATCH: ‘Innocent’ Lion Starts Eating Cape Buffalo that’s Still Alive… Then his Buddies Interfere
- Second Suspect in London Tube Bombing is a Syrian Migrant [VIDEO]
- Kaepernick Was About to Get Signed, Then His Girlfriend Tweeted Racist Message About Ray Lewis