US Federal deficit thru April drops

[hawkjt]

Significantly, according to report from Treasury Dept. today.

Fueled by record tax receipts in April the surplus for the month set an all time record.
This surplus has reduced the 7 month fiscal year deficit to 364 billion. Last year's comparable number was 1.9 trillion.

So year to date revenue is up 860 billion and spending is down 730 billion as covid spending drops off.
These are stunning numbers as they now project the smallest annual deficit in 5 years.

It seems to refute the argument that our current inflation crisis was triggered by high govt spending and deficits.
I am glad to see it but am puzzled by what it means for the economy.

 

[seminole97]

https://fiscaldata.treasury.gov/datasets/debt-to-the-penny/debt-to-the-penny

Total Federal Debt outstanding:

April 29, 2022: $30,374,154,511,898
October 1, 2021: $28,428,906,947,685

How much more debt does the US federal government have in the first 7 months of FY21-22

 

[hawkjt]

I concede that these two data sets seem to be at odds.
All I can conclude is that the debt number includes all t-bills ECT that have been issued but some of those funds have not been spent.
I presume the govt has cash on hand that represents the difference.

 

[Hondo_11]

Significantly, according to report from Treasury Dept. today.

Fueled by record tax receipts in April the surplus for the month set an all time record.
This surplus has reduced the 7 month fiscal year deficit to 364 billion. Last year's comparable number was 1.9 trillion.

So year to date revenue is up 860 billion and spending is down 730 billion as covid spending drops off.
These are stunning numbers as they now project the smallest annual deficit in 5 years.

It seems to refute the argument that our current inflation crisis was triggered by high govt spending and deficits.
I am glad to see it but am puzzled by what it means for the economy.

Why keep lying about this > https://www.usdebtclock.org/

 

[hawkjt]

Not lying. Look up deficit report issued today.

 

[nck24]

Significantly, according to report from Treasury Dept. today.

Fueled by record tax receipts in April the surplus for the month set an all time record.
This surplus has reduced the 7 month fiscal year deficit to 364 billion. Last year's comparable number was 1.9 trillion.

So year to date revenue is up 860 billion and spending is down 730 billion as covid spending drops off.
These are stunning numbers as they now project the smallest annual deficit in 5 years.

It seems to refute the argument that our current inflation crisis was triggered by high govt spending and deficits.
I am glad to see it but am puzzled by what it means for the economy.

Deficit reduction explained:

I gained 200 lbs in 2020, but in 2021 I only gained 100lbs. I cut my weight gain in half! Isn't that awesome! So why am I getting fatter?

 

[SolarHawk]

Deficit reduction explained:

I gained 200 lbs in 2020, but in 2021 I only gained 100lbs. I cut my weight gain in half! Isn't that awesome! So why am I getting fatter?

Nice breakdown. I don’t understand the negativity from some posters. This isn’t great news, but it’s good news imo.

 

[seminole97]

Not lying. Look up deficit report issued today.

https://fiscaldata.treasury.gov/datasets/debt-to-the-penny/debt-to-the-penny
Total Federal Debt outstanding:

April 29, 2022: $30,374,154,511,898
October 1, 2021: $28,428,906,947,685

How much more debt does the US federal government have in the first 7 months of FY21-22?

 

[KFsdisciple]

So the defecit isn't less, just the rate of increase has slowed.

 

[seminole97]

Nice breakdown. I don’t understand the negativity from some posters. This isn’t great news, but it’s good news imo.

It's accounting sophistry, as the he was trying to point out to you.

The reality is the debt increased from $28,428,906,947,685 to $30,374,154,511,898.

$1,945,247,564,213 growth in Federal debt since the start of the fiscal year.

 

[gusto79]

So the defecit isn't less, just the rate of increase has slowed.

The deficit can still be less and the debt increase.

 

[KFSuperStar]

Deficit reduction explained:

I gained 200 lbs in 2020, but in 2021 I only gained 100lbs. I cut my weight gain in half! Isn't that awesome! So why am I getting fatter?

End thread.

 

[seminole97]

The deficit can still be less and the debt increase.

How much is the deficit when the debt increases from $28,428,906,947,685 to $30,374,154,511,898?

 

[gusto79]

How much is the deficit when the debt increases from $28,428,906,947,685 to $30,374,154,511,898?

A little under 2 trillion.

 

[seminole97]

A little under 2 trillion.

@RileyHawk can you tell this guy how he got it wrong?

 

[KFsdisciple]

this is like saying job creation is up xx% because people returned to their jobs as we finally grow a pair in certain blue states and get back to work.

 

[Jerome Silberman]

So the defecit isn't less, just the rate of increase has slowed.

The debt has increased, the defecit over that specific time has decreased when compared to last year. It's not good, still near record, but it’s a better trend than the last few years.

 

[markfromj]

So happy to have some people at least talking about deficits and debt.

 

[seminole97]

The debt has increased, the defecit over that specific time has decreased when compared to last year. It's not good, still near record, but it’s a better trend than the last few years.

But it isn't true.

Total Outstanding Federal Debt:

9/30/2020 - $26,945,391,194,615
9/30/2021 - $28,428,918,570,048

How big was the deficit in FY20-21?

10/1/2021 - $28,428,906,947,685
4/29/2022 - $30,374,154,511,898

How big is the deficit 7 months into FY21-22?

 

[sultanofsuede]

Seems like some posters are doubting the data. Seem to remember some financial entity out of St. Louis that is the main reporter on this subject, going back about 70 years or more. What do they say? (Sorry, I can’t remember - Econ was a long time ago).

 

[seminole97]

Seems like some posters are doubting the data. Seem to remember some financial entity out of St. Louis that is the main reporter on this subject, going back about 70 years or more. What do they say? (Sorry, I can’t remember - Econ was a long time ago).

Do we believe that the Treasury is accurately reporting the amount of federal debt?

https://fiscaldata.treasury.gov/datasets/debt-to-the-penny/debt-to-the-penny

 

[hawkjt]

The CBO had estimated that our 7 month deficit would be 2 trillion, therefore Congress raised the debt limit and Treasury issued t-bills and other govt debt instruments to have cash to pay the bills.
After 7 months the actual deficit is. 1.6 trillion less than expected.
So debt has increased by 2 trillion but 1.6 trillion is unspent.
If they wanted to pay down the debt and apply the excess 1.6 to that end total debt would drop by 1.6 trillion.
Google deficit report if you doubt my numbers.

 

[hawkjt]

Deficit Hawks off duty?
Crickets.

 

[hwk23]

The CBO had estimated that our 7 month deficit would be 2 trillion, therefore Congress raised the debt limit and Treasury issued t-bills and other govt debt instruments to have cash to pay the bills.
After 7 months the actual deficit is. 1.6 trillion less than expected.
So debt has increased by 2 trillion but 1.6 trillion is unspent.
If they wanted to pay down the debt and apply the excess 1.6 to that end total debt would drop by 1.6 trillion.
Google deficit report if you doubt my numbers.

So, the government thought they would dig an additional $2t hole but the actual hole turned out to be $1.6t. Ok, I guess. The government needs to quit spending so much, most of it benefits people in Washington, and not so much normal people.

 

[markfromj]

Deficit Hawks off duty?
Crickets.

Oh, BS. I’ve weighed in.

 

[hawkjt]

So, the government thought they would dig an additional $2t hole but the actual hole turned out to be $1.6t. Ok, I guess. The government needs to quit spending so much, most of it benefits people in Washington, and not so much normal people.

Actually the CBO projected a deficit to be 2 trillion at this point in the year but it is 364 billion instead so it represents a 1.6 trillion drop in expected deficit.
On track for the lowest annual deficit in 5 years.
Seems worth noting...but good news like this cannot get much discussion here or in the media.

 

[hwk23]

Actually the CBO projected a deficit to be 2 trillion at this point in the year but it is 364 billion instead so it represents a 1.6 trillion drop in expected deficit.
On track for the lowest annual deficit in 5 years.
Seems worth noting...but good news like this cannot get much discussion here or in the media.

Ok got it. I'm a big believer, not so much that the goverment spends too much in total, but they spend too much on the wrong line items and wastefully. It's inherent in the system. If a goverment agency doesn't spend every dime, their budget gets reduced, so they have incentive to spend as wastefully as possible. If you include health care costs, which is included in taxes in many developed countries, Americans are at the top end in terms of tax rate, without the benefits, like universal health care for example.

 

[soybean]

Some people just can not be thankful for progress, even if it is small.

 

[dandh]

Right-wing CNN fact checks Biden deficit reduction disinformation:

The deficit has been smaller under the Biden administration than it was at the end of President Donald Trump's tenure. But the deficit has been bigger under the Biden administration than the nonpartisan federal Congressional Budget Office had projected it would be if the Biden-era federal government stuck with the laws that were in effect when Trump left office in early 2021.

Fact check: Deconstructing Biden's claim that 'I reduced the federal deficit'

President Joe Biden has been taking credit for reducing the federal budget deficit, the annual gap between the money the government takes in and the money the government spends.

www.cnn.com

 

[MikeyHawk]

It seems to refute the argument that our current inflation crisis was triggered by high govt spending and deficits.

Good to see lower deficits, which should be expected without stimulus outlays. Not sure this sentence is true though

 

[Jerome Silberman]

Right-wing CNN fact checks Biden deficit reduction disinformation:

The deficit has been smaller under the Biden administration than it was at the end of President Donald Trump's tenure. But the deficit has been bigger under the Biden administration than the nonpartisan federal Congressional Budget Office had projected it would be if the Biden-era federal government stuck with the laws that were in effect when Trump left office in early 2021.

Fact check: Deconstructing Biden's claim that 'I reduced the federal deficit'

President Joe Biden has been taking credit for reducing the federal budget deficit, the annual gap between the money the government takes in and the money the government spends.

www.cnn.com

Is it really disinformation if it's obvious campaign bluster?

 

[dandh]

Is it really disinformation if it's obvious campaign bluster?

Just poking a little fun, given his administration’s attempt to build a Ministry if Truth.

 

[hawkjt]

Right-wing CNN fact checks Biden deficit reduction disinformation:

The deficit has been smaller under the Biden administration than it was at the end of President Donald Trump's tenure. But the deficit has been bigger under the Biden administration than the nonpartisan federal Congressional Budget Office had projected it would be if the Biden-era federal government stuck with the laws that were in effect when Trump left office in early 2021.

Fact check: Deconstructing Biden's claim that 'I reduced the federal deficit'

President Joe Biden has been taking credit for reducing the federal budget deficit, the annual gap between the money the government takes in and the money the government spends.

www.cnn.com

Good breakdown of recent deficit data.
April's all time record tax receipts of 864 billion are not yet included in that article.
I am not saying who should get credit or blame for inflation but just want to try to objectively understand the true causes of it in a rather unique situation we find ourselves.

 

[dandh]

Good breakdown of recent deficit data.
April's all time record tax receipts of 864 billion are not yet included in that article.
I am not saying who should get credit or blame for inflation but just want to try to objectively understand the true causes of it in a rather unique situation we find ourselves.

There are multiple true causes, with both parties and the Fed responsible. The Biden administration is not doing a good job at addressing those causes, imo, and its policies and practices are not helping, either. It will be a big problem for the Democrats in November.

 

[Jerome Silberman]

Just poking a little fun, given his administration’s attempt to build a Ministry if Truth.

Fantastically fair jab. Nice work.

 

[Old_wrestling_fan]

Is it really disinformation if it's obvious campaign bluster?

Whelp...what you recognize as "obvious campaign bluster" is taken seriously as "good news" and progress by others. (See several posts just in this thread alone.)

What is "obvious" about it is that it is truly "disinformation"...but something tells me that the soothsayers and truth determiners will choose not to tackle this subject.

 

[Jerome Silberman]

Whelp...what you recognize as "obvious campaign bluster" is taken seriously as "good news" and progress by others. (See several posts just in this thread alone.)

What is "obvious" about it is that it is truly "disinformation"...but something tells me that the soothsayers and truth determiners will choose not to tackle this subject.

TBH...oh f@cking well. It's not my responsibility or desire to worry about how people "take" this. To try to take that on is futile.

If someone is so wrapped up in their beliefs that they can't deduce on their own that there was a reduction of the budget deficit during a very specific time frame when compared to another very specific time frame, but also not take Biden’s claim to have brought it on seriously, I'm not going to be able to help them. I'm not qualified to give that type of mental and emotional help.