401kRollover Blog

June 2015 Budget Surplus Masks Big Deficit for the Year

June 2015 Budget Surplus Masks Big Deficit for the Year

On July 13, the Treasury Department was clearly relieved to announce a budget surplus for the month of June, 2015 of $51.8 billion. However, all the announcement did was to mask the ongoing budget deficit as it stands for the year, currently running at $313.4 billion, where spending continues to exceed revenue. In fact, just 2 days ago, the White House predicted a deficit for the entire year of $455 billion (the budget year of 2015 ends on September 30).

Government spending for the year so far totals $2.76 trillion, with $664 billion spent on Social Security, $403 billion spent on Medicare, $444 billion spent on defense and $182 billion which went towards paying of the U.S. national debt, currently standing at $18.1 trillion.

If you are concerned that these figures reflect an economy that has yet to emerge from the worst economic crisis since the Great Depression of the 1930’s, please Like & Share this post.

Let's connect

 
and please share facebook-share twitter-share linkedin-share googleplus-share

Leave a Reply

Your email address will not be published. Required fields are marked *


Sign Up For Email Updates

Find A 401k Rollover Provider

Searching is Fast, Free and Private. Why Wait?

Find A Provider In Your Area

Searching is Fast, Free and Private. Why Wait?