Ugh… Fox News Radio mentions U.S. could “run out of money” in two weeks

Can the misinformation STOP already? The United States federal government is not going to “run out of money.” A statement like that clearly implies the federal government has no income, which is a lie.

Fox News Radio just spit out this headline at the top of the 8 p.m. ET hour…

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Why does that make my blood pressure rise? (It’s not just Fox News by the way, those statements are everywhere…)

Still paying your withholding taxes? Social Security? FICA? Self-employment taxes? So am I, and as Doug Powers over at Michelle Malkin’s blog notes we’re all chipping in to the tune of $200 billion a month. I pointed out similar information five days ago after President Obama claimed he was not sure if the Social Security checks would go out. Hogwash.

In 2010, the total receipts (Excel data from U.S. Government Printing Office (GPO)) taken in by the federal government was $2.16 trillion dollars. That is $180 billion per month. In other words we have the ability to write checks totaling $180 billion per month, anything else would require the federal government to run a deficit and require a higher debt limit. Of course the problem is we spent $3.46 trillion in 2010, that’s an unheard of (pre-Obama) deficit of $1.3 trillion.

This data – again an Excel sheet from the GPO – breaks down outlays by superfunction and function  including those on-budget and off-budget. The total per month paid out under the Social Security ”function” is $58.9 billion. (Note the CBS interview mentioned a much lower figure of $20 billion.) That leaves us with a bit more than $121 billion.

Sure, I provided a simplistic view of the issue but the simple fact is the federal government is taking in billions and billions every month. If Powers’ $200 billion a month figure is accurate, that represents $2.4 trillion per year.

All we’d have to do is simply roll back the federal budget to the 2005 spending level and we’d immediately balance the budget.

Were people dying in the streets in 2005? Were kids being educated? Were seniors getting medical care?

Unemployment was at 5 percent in July of 2005 and dropping. What the heck happened to America?

 

12 replies
  1. winnie888
    winnie888 says:

    Education, health care…both were better in 2005.? No one was dying in the streets & even though the gov. has consistently thrown more money away with such stupidity as the stimulus, unemployment has more than doubled in 6 years.
    If we’re going to “run out of money” anyway, can I please stop paying taxes today?? Seems as if we’re throwing good money after bad (or is it bad money after bad?).

  2. sammy22
    sammy22 says:

    It’s a cash flow issue, not a balancing the budget issue. If the revenue comes in at the end of the month and the checks are written at the beginning of the month one may have to borrow a month’s worth. Same thing if you take in less in one month than you pay out a the beginning. And good luck about rolling back to 2005 levels before Aug. 2, 2011!!

  3. Lynn
    Lynn says:

    Fox is saying this trash because Neal Cavuto is not there to kick butt. I don’t know where he is I’m praying he’s not sick and is just on vacation, but Fox should know better. Rand Paul has been explaining this for months and so have others. Obama should be ashamed of himself but he has no shame.

  4. Lynn
    Lynn says:

    Oh Steve, I don’t mean to take away from your post. you always know the numbers and the game. I’m just ticked because we don’t have any news media outlet that’s not drinking Kool-Aid. Can’t we just have one, please. I know Fox will get back on track after everyone explains it to them.

  5. johnboy111
    johnboy111 says:

    maybe people will start to recognise there is “NO LOCK BOX” we have been lied to…AGAIN??

  6. steve418r
    steve418r says:

    There is no end to the lies. As it is with lies, some people (in this case many) want the lies to be true so they believe and support then.

    • ricbee
      ricbee says:

      ?A lie repeated often enough is believed,I guess. Even the best are corrupted by their surroundings,I guess.

  7. winnie888
    winnie888 says:

    Most lies become reality if spoken or heard enough for the individual telling them and for those believing them.? So it is with our media–I am convinced that they sincerely believe what comes out of Obama’s mouth every time he opens it.? And all they do is pass on the lie to the public at large.? It’s just so aggravating.
    ?

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