Economic Crisis: Feds take in Record $3,248,723,000,000 in Taxes, but still had $438.9B Deficit

As the country slips deeper into debt, Treasury Secretary Jack Lew is warning congress that the U.S. debt limit will be exhausted Nov. 3rd. Lew warned that if congress fails to pass a new budget, the U.S. government will not be able to pay its bills after November 3rd.

In a letter to Congress Lew wrote:

“At that point, we expect Treasury would be left with less than $30 billion to meet all of the nation’s commitments — an amount far short of net expenditures on certain days, which can be as high as $60 billion,” Lew said in a letter.

“Operating the United States government with no borrowing authority, and with only the cash on hand on a given day, would be profoundly irresponsible. As I wrote previously, we anticipate that a remaining cash balance of less than $30 billion would be depleted quickly.”

Profoundly irresponsible? Are these people insane? What’s profoundly irresponsible is continuing to rack up record levels of debt and then crying about how you need even more money to pay for things that you can’t afford. If most families ran their households the way this government does, they would find themselves out on the streets.

Feds Taking in Record level of Tax Dollars; still can’t steal enough money to run a balanced budget!

According to the federal government’s Monthly Treasury Statement, the Obama administration took in a record $3,248,723,000,000 in taxes in fiscal year 2015. Despite taking in an amount of money that is equal to approximately $21,833 for every person in the country that has a job, this administration still ran a $438.9 billion deficit for the year.

Chart Showing $3,248,723,000,000 in taxes in fiscal year 2015

What’s most shocking here is not the fact that this government continues to push this country off the economic cliff, but how this government can even take in that many tax dollars to begin with. According to data released by the Bureau of Labor Statistics (BLS), over 94 million Americans ages 16 or older are no longer part of the nation’s labor force.

There have never been more people out of work, yet the government just took in more taxes than any other time in history. See a problem?

Federal Debt Held by Public Has More Than Doubled Under Obama

Since President Obama took office, the Treasury has increased the federal government’s debt held by the public by $6,739,201,661,284.21—or about $57,431.65 for each household in the United States.

Federal Debt Held by Public Under Obama

The Crisis is Much Worse than we are being told

While the American media continues to push the federal government’s propaganda, scrambling to figure out ways to assure the public we have come out of the last economic crisis, the numbers show that we are actually in far worse shape than we were in 2008.

According to HSBC, one of the largest banks in the world, we have already entered a major global recession. Global trade is down 8.4 percent this year, and global GDP expressed in U.S. dollars is down 3.4 percent. Earlier this year, HSBC chief economist Stephen King warned his clients that the world economy was like the Titanic, and that there were not enough lifeboats to save them.

In August 2015, right around the time global stock markets started tanking, Damian McBride, a former adviser to British Prime Minister Gordon Brown, took to Twitter to warn people that we could soon see widespread civil disorder.

He warned “’Stock up on canned goods and bottled water” and have “a rally point with your loved ones in case transport and communication gets cut off; somewhere you can all head to.”

When it comes to economic preparedness, one of the most important things you can do is have a plan of action. Check out my article on how to prepare for the coming chaos.

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  1. Who cares anymore. Hopefully, when the country is completely broke and implodes the very first to die will be those that bankrupted the country. Damn this mess, damn it to hell and back. This is what happens when you pay for whores to have children and support their bastard offspring with no fathers. This is what happens when you send a dysfunctional military overseas that can’t even effectively fight a bunch of tenth century goat herders. This is what happens when 42,000,000 government employees are on the taxpayers payroll with pay and benefits we can only dream about. This is what happens when an entire population just sits idly by while the country is bled dry by people lowlifes that won’t work. Good Riddance America, Good Riddance Indeed!

    • You are correct.
      I believe you have identified the problem.

      Matter of fact, NOTHING goes toward paying the debt–it just gets rolled over, and over, and over, and…

  2. Can you imagine what you could do with 700 million dollars. Not enough? How about 200 billion? More? What if I gave you a trillion, no two trillion,
    Ok Ok Three, count it, three TRILLION $$$$$.

    Still not enough? YOU’RE FIRED!!! Here’s your EBT card.

  3. All of you are correct. Taxes do not go towards paying the debt. Taxes go towards expanding the debt by starting new government employee programs that benefit only the government employee or people too damn sorry to do anything but feed and breed at taxpayer’s expense. Case in point: Washington DC’s city counsel just voted to give each and every city employee 16 weeks paid leave. Go figure. There can be nothing dumber than a taxpayer. I’m one of them, and it is stupid to continue to pay taxes that go for nothing except to increase my taxes. Stupid stupid stupid!

  4. The Treasury department has been ‘borrowing’ from every account they can, from government pensions to any allocated surplus, since LAST MARCH! They have been artificially holding their accounting at NO INCREASE SHOWING since March so the ‘haven’t exceeded the spending limit’.

    A point of fact is that they won’t be able to really spend anything, since they have depleted are reamaing ‘other sources’ of funding, which they say they are going to pay back when there is a ‘new’ spending limit.

    Any idea what they have to pay back? I am guessing, but it is likely the major part of one TRILLION dollars. Which only means, that this will start again, probably earlier than March of 2016.

    Any pretense of being ‘within their spending limit’ is only a pack of lies they tell to the unaware public. The hole is getting dug deeper at a rate far exceeding any efforts to fill it and get back to having any surplus that would start to fill the hole.

    If my math serves me, they could stop spending every dime, force congress to work for free, as well as every other government employee, as well as take every dime from every man, woman, child and business, for 18 years, and not get to the break-even point. I would call that a pretty good definition of bankrupt. They owe more than the country produces, but then spend way more than they take in.

    Prepare to take care of yourself. It is your only hope in the long term.

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