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4th Qtr of 2016 Adds $208 Billion to National Debt

CNS News' Terry Jeffrey reported yesterday on the Treasury's December 2016 Monthly Statement, noting, "The federal government collected $740,771,000,000 in taxes in the first three months of fiscal 2017 (October through December) . . . But at the same time, it spent $949,130,000,000 -- thus running a deficit of $208,359,000,000."

He also reported:

"There were 152,111,000 people employed in the United States in December, according to the Bureau of Labor Statistics. That means that the $740,771,000,000 in tax revenues collected in the first three months of fiscal 2017 equaled about $4,870 per worker.

"The $208,359,000,000 deficit equaled about $1,370 per worker.

"The biggest source of federal revenues in the first three months of fiscal 2017 was the individual income tax, which brought in $352,837,000,000. The second biggest source was Social Security and other payroll taxes which brought in $252,132,000,000. The third biggest source was the corporation income tax, which brought in $75,731,000,000.

"Customs duties brought in only $8,812,000,000 in the first three months of fiscal 2017.

"Thus, the $75,731,000,000 in income taxes paid by corporations in the U.S. was 8.6 times as great as the $8,812,000,000 in customs duties paid on foreign products brought into the United States."

The chart below, from Jeffrey's report, provides a picture of the cumulative receipts, outlays, and deficit for FY 2017:

 

As we growled just last week, the national debt on December 30, 2016 was just under $20 trillion, and had increased $1 trillion in 2016. We also growled the national debt increased $9.3 trillion during President Obama's presidency, or $75,553.84 per household.

We also growled in September 2016, citing a report from the Committee for a Responsible Federal Budget, that "(s)ince 1970, there has been a recession every 5 1/2 years on average," and "that one has not occurred in the last 7 years suggest(ing) one is likely on the horizon."

Almost three years ago, we growled that global debt exceeds $100 trillion. For a 'map' showing the U.S. share of the world debt, see our December 18, 2016 Growls.

Finally, we growled last September that we could have avoided the national debt added during the last eight years if federal taxes had been increased 44$.

So, if you have a few minutes, write your member of Congress. Tell them your position on the national debt. Contact information is available at the Library of Congress' Congress.gov. Taxpayers living in Virginia's Arlington County can contact:

  • Senator Mark Warner (D) -- write to him or call (202) 224-2023
  • Senator Tim Kaine (D) -- write to him or call (202) 224-4024
  • Representative Don Beyer (D) -- write to him or call (202) 225-4376

Ask for a written response. And tell them ACTA sent you.

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