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.