Peter's Blog

Back to Budget Deficits Despite Surging Government Revenue

After running a budget surplus in April thanks to an influx of tax-day tax receipts, the federal government reverted back to running a deficit in May. The budget deficit was $66.22 billion last month, according to the monthly Treasury statement. That raises the current fiscal year deficit to $426.2 billion with four months left to […]

Surge in Government Tax Receipts Papers Over Federal Spending Problem

With a surge in April tax receipts, the federal government ran a record budget surplus last month. This seems like good news. And the mainstream spun it as such. But record government revenue is papering over a spending problem that isn’t going away.

More of the Same: Feds Run Another Big Budget Deficit in March

The federal government ran a $192.68 billion deficit in March, according to the latest Treasury statement. Somehow, this is supposed to be good news.

Biggest Federal Budget Deficit Since July; This Is Bad News for the Fed

If you thought the federal government running a budget surplus in January was a sign that Washington D.C. was getting its fiscal house in order, you’re going to be disappointed. Uncle Sam ran the biggest deficit since last July in February.

US National Debt Pushes Above $30 Trillion

On January 31, the national debt quietly eclipsed $30 trillion. The US government has run up debt at breakneck speed after raising the debt ceiling. The national debt broke through $29 trillion on Dec. 16. It took just 46 days for Uncle Sam to add another $1 trillion to his massive pile of debt. It […]

Despite Record Receipts Uncle Sam Still Ran a Budget Deficit in December

Despite a monthly record in receipts to the US Treasury, the federal government still managed to run a deficit in December. That’s because the federal government also broke a monthly spending record.

Federal Spending Pandemic Continues Unabated

Even with the federal government ostensibly trying to limit spending with its head against the debt ceiling, it managed to run another massive deficit in November. The budget shortfall last month was $191.34 billion, according to the latest Treasury Department statement. That was 31.7% higher than the November 2021 deficit.

Janet Yellen Faces the Nation and Lies About Inflation

After last week’s sizzling hot CPI data, inflation talk continues to dominate the news. The government and central bank have been insisting inflation is transitory. Now they’ve turned to a new spin tactic – recycling 1970s inflation propaganda. Treasury Secretary and former Federal Reserve chair Janet Yellen appeared on Face the Nation and spent the […]

Starting With a Bang: US Government Kicks Off Fiscal 2022 With Another Massive Deficit

The US government started fiscal 2022 the same way it ended fiscal 2021 — spending itself into a massive budget shortfall. The budget deficit for October came in at $165.1 billion, according to the most recent monthly Treasury statement.

Feds Run Second-Biggest Budget Deficit in History; Spending Up from 2020 Record

The federal budget deficit for fiscal 2021 came in at $2.77 trillion. It was the second-largest deficit in US history, just behind last year’s $3.13 trillion shortfall. Despite falling shy of the deficit record, Uncle Sam spent even more money in 2021 than it did during the depths of the 2020 coronavirus recession.