More info on the US deficit progress.
At the end of February, the US deficit was up 38% compared to the fiscal year YTD for 24. So YoY. Receipts were up 2%. Spending was up 13%. The Biden admin really had blown it out.
At the end of February, the US deficit was up 38% compared to the fiscal year YTD for 24. So YoY. Receipts were up 2%. Spending was up 13%. The Biden admin really had blown it out.
At the end of April, receipts were up 5%, spending was up 9%, and the deficit was up 23% fiscal YTD YoY. So improvement.
At the end of June, receipts were up 7%, and spending was up 6%. The fiscal YTD deficit was up 5% YoY. This is very strong progress!
Other interesting info. By June, YTD receipts were up 254 billion. Only 52 billion of that came from higher tariffs. An additional 11 billion was excise taxes. The bulk arose from considerably higher income and FICA receipts. This is very inconsistent w/ a recession.
How did that happen? Employment gross figures don't show anything to account for it. My guess is that we are seeing more legal employment. A large number of undoc/illegal workers just claim a ton of dependents and don't pay much in income tax. Otherwise, I can't explain this.
A second point: the new admin (TRUMP) really is working on the spending. Overall, this is much healthier looking picture. As the courts are overruled, they'll make more progress. I would think that the working class is going to be much happier in a year.
A third point: Why is the press not reporting this? I read the WSJ and other papers. There's no reporting of this. None. A hundred articles about some poor fool jumping off a roof and killing himself trying to evade ICE, but no info on this.
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