The federal government spent $1,822,712,000,000 in the first five months of fiscal 2019, the most it has spent in the first five months of any fiscal year since 2009, which was the fiscal year that outgoing President George W. Bush signed a $700-billion law to bailout the banking industry and incoming President Barack Obama signed a $787-billion law to stimulate an economy then in recession.
At the same time that federal spending was hitting this ten-year high, federal tax revenues in the first five months of the fiscal year were hitting a four-year low of $1,278,482,000,000. […]
The last time the Treasury spent more than that in the first five months of a fiscal year—in inflation-adjusted constant February 2019 dollars—was fiscal 2009. That year, the Treasury spent $1,936,268,470,000.[…]
So, we’re spending MORE now than we did during Obama’s stimulus and Bush’s bank bailout. And federal tax revenues are falling significantly. Spending goes up. Revenue goes down. Anyone want to hedge a bet about what comes NEXT?
Please don’t blame this on Pelosi and her team. They’ve only been in charge since January. We’re talking about EIGHT of those ten years (2011-2018) with GOP control of the House and FIVE of those years (2015-2019) with GOP control of the Senate. And we’re in our third year of a GOP presidency.