During the 90 months that President Obama has been in office, the federal government collected a total of $19,966,110,000,000 in tax revenues (in non-inflation-adjusted dollars) and still managed to drag the country into almost 9 trillion dollars of new debt, according to the Monthly Treasury Statements.
There is no better example of how big government ruins prosperity than the numbers above.
Siphoning such enormous sums of wealth out of the economy only leads to the government mishandling and misallocation of what would otherwise be well spent or well-saved wealth for individual American’s who are on average struggling to get by financially.
During those same 90 months, the federal debt rose from $10,632,005,246,736.97 to $19,427,694,579,786.64—an increase of $8,795,689,333,049.67.
In July, according to the Monthly Treasury Statement released today, the federal government took in $209,998,000,000 in taxes and spent $322,813,000,000—running a one-month deficit of $112,815,000,000.
So far in fiscal 2016, according the Treasury statement, the federal government has collected approximately $2,678,824,000,000 in taxes and spent approximately $3,192,487,000,000—running a deficit of $513,662,000,000 for the first ten months of the fiscal year.
If the Bureau of Labor Statistics is correct when they reported there were 151,517,000 people employed in the United States in July, the amount of taxes the Treasury has collected during Obama’s first 90 full months in office would amount to $131,775 per worker.
The amount of new debt created under the Obama Administration’s first 90 months equals approximately $58,051 per worker.
Compared to the first full 90 months of president George W. Bush, the treasury under Obama collected $3.9 trillion more in taxes in the first 90 months.
The engine of big government is sucking the life out of the American economy.