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Washington heading for fiscal chaos

A look at recent statistics from the U.S. Treasury Department  are truly worrisome.

The federal government ran a budget deficit of $195 billion for the first four months of fiscal year 2015, the Congressional Budget Office (CBO) estimates—$12 billion more than the shortfall recorded in the same span last year. Revenues and outlays were both 8 percent higher than they were at this time a year ago. If lawmakers enact no further legislation affecting spending or revenues, the federal government will end fiscal year 2015 with a deficit of $468 billion, or 2.6 percent of gross domestic product (GDP). The deficit occurred even as receipts through January totaled $1,041 billion, CBO estimates—$79 billion more than the amount collected in the same period last year.  In January alone, the government had a deficit of approximately $17.5 billion, a dramatic increase from last year’s figure of $10.3 billion.

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The difficult political fact that Washington seems incapable of facing is that the federal government is far too deeply involved in matters better left to the states.  Until it re-orients itself to those functions that are constitutionally envisioned for it, the federal government will continue to plunge faster and more unavoidably towards fiscal chaos.

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US in Deficit Despite Record Revenue

The United States Treasury’s Bureau of the Fiscal Service   has reported that despite an all-time high revenue intake of $2,663 billion dollars in the first 11 months of Fiscal Year 2014, Washington nevertheless compiled a deficit of $589 billion due to total outlays of $3,253 billion.

It is important to place this in context.  Key national endeavors such as defense have been reduced. Federal hiring to run the government is at an all-time low. Investments in the future, such as NASA, are a fraction of what they were decades ago.

According to a prior year’s USNEWS report ,  “49%  of the entire federal budget goes to entitlement programs… Entitlement spending is the highest in American history… The proportion of Americans taking antipoverty funds has soared…”

USNEWS noted that “The growth of entitlement spending has coincided with an unprecedented decline in the number of working adult men over the last several decades…” According to the Heritage Foundation, the 79 means-tested federal welfare programs cost about a trillion dollars annually.
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The Heritage Foundation’s   senior research fellow Robert Rector notes that these programs increased during President Obama’s first two years in office at a rate two and a half times larger than at any prior period in American history. It’s clear that Obamacare will add dramatically to that figure.

The problem is more than just spending too much, as serious as that challenge is. It’s the fact that these funds are taken out of the productive economy and placed into programs that will not produce jobs or tax revenue in the future—a true downward spiral. If a family spends thousands on a new home, that’s an investment; if it spends thousands on a luxury vacation, that’s just dollars gone forever.

As the New York Analysis of Policy & Budget noted in a prior report, even comparisons with other periods of major increases in government spending aimed at reducing poverty reveal the harmful nature of poverty spending under the current Administration. FDR’s New Deal programs developed infrastructure and provided job skills in programs such as the Civilian Conservation Corps. During the period of 2009 to the present, neither serious employment skills nor infrastructure development resulted from the vast spending increase.