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…
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?