The Congressional Budget Office (CBO) reported in early May that for the month of April 2015 the Federal government ran a budget surplus, taking in more in taxes than it laid out in expenditures. Don’t be fooled by one month, especially when it was a month when people filed and pay their taxes. Government deficits and growing debt are on the horizon for as far as the human eye can predict.
Old fallacies never seem to die, they just fad away to reemerge once again later on. One such fallacy is that if there is significant unemployment and slow economic growth it must be due to not enough consumers’ spending in the economy, what Keynesian economists call a “failure of aggregate demand.”
For the past year or so, there has been no statutory limit on how much the federal government borrows. The debt ceiling was abandoned in the last budget deal. But in the coming weeks, it is scheduled to return—along with the predictable illusion of a debate over whether to lift the ceiling or not.
This is part 8 of the 8 part series establishing that the laser-focus of the Compact for America approach to organizing an Article V convention with the specific job advancing and ratifying a pre-drafted, specific federal Balanced Budget Amendment is clearly, unequivocally, and overwhelmingly what the Founders expected from the state-originated amendment process.
At some point between Thanksgiving and December 1, the federal government made history, as the value of outstanding U.S. Treasury securities exceeded $18 trillion—that’s an 18 with 12 trailing zeroes. At some point, such numbers begin to lose their meaning because the amounts exceed most people’s ability to comprehend.
The total federal government spending in 2013 totaled $3,454,253,000,000—over $3.4 trillion—encompassing defense, highway and transportation costs, public education, immigration services, and government worker salaries, to name a few.
Americans recently celebrated Independence Day—the day the Continental Congress formally adopted the Declaration of Independence and announced the 13 American colonies regarded themselves as sovereign states no longer part of the British Empire and subject to its rules and taxes.
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