More good news, courtesy of the worst socialist in United States history.
The United States Treasury Department released figures for the first 11 months of the fiscal year, showing that the United States budget deficit has narrowed by 22%, while accelerated economic growth boosted tax receipts.
This comes on the heels of a Congressional Budget Office announcement on August 27 that said the budget gap as a share of the economy is on track to shrink to the lowest level it’s been since 2007. The CBO also said that falling unemployment and large corporate profits are helping revenues grow faster than the outlays.
The October through August shortfall of $589.2 billion was noticeably smaller than the $755.3 billion gap in the same period a year earlier, and last month the government posted a $128.7 billion deficit, which was $19.2 billion less than the deficit in August.
Millan Mulraine, a deputy head of the U.S. research and strategy at TD Securities USA LLC in New York noted that the boost was “testament to the strength of the economic recovery of the past 12 months” and that it was a “positive surprise” to learn “the strength of the receipts, the rebound that we’ve seen in the receipts so far this year.”
Furthermore, revenue has outpaced spending, with the revenue of the fiscal year that began in October growing by 7.7 percent compared to the year before. Spending, meanwhile, only grew 1%.
A survey by Bloomberg of 19 economists projected a $130 billion August deficit. Estimates of the deficit ranged from $120 billion to $141 billion. Furthermore, the full-year shortfall for the current fiscal year is projected at $506 billion, which is a third of the 2009 record of $1.4 trillion.
The gap this year will be roughly to 2.9% of the gross domestic product. In 2007, it was 1.1% of the GDP, and it’s expected to decline to 2.6% next year.
The fastest growing expenditure so far for the year has been categories including Social Security, Medicaid, and subsidies for health insurance under Obamacare. Student loan costs are also included in those figures.
A declining budget, growth in the economy, and spike in corporate profits? Sounds like Nazi-Commie-Maoist-Fascist nonsense to me.