Government receipts in October were up substantially over last year, but so were expenses, especially interest expense. From Tyler Durden at zerohedge.com:
It was back in February, when we explained to Elon Musk why his strategy to shock the US government into spending “efficiency” through DOGE, while noble, is ultimately doomed to wit: “What Musk is doing in trying to streamline the govt is admirable but ultimately it will be Congress that decides the endgame. And there things are as status quo as always.”
Status quo it was indeed, and it took the world’s richest man several months to realize it, and while there has been a heated fight in the press whether DOGE is still technically active inside the Trump admin, we have some bad news: after a valiant start to 2025, the US has regressed to its old drunken-sailor spending ways… and has seemingly done so on steroids.
Earlier today, the Treasury published the October budget data, and it was ugly. Not all of it, mind you: tax receipts were actually quite solid: at $404 billion, consisting of $217 billion in income taxes and $128 billion in social security receipts…
… government revenues were actually a solid 23.7% improvement to the $326.8 billion collected in October 2024. Of course, that includes the now solid monthly contribution from Trump’s tariffs which in October added $31 billion to the tally.
As usual, it was government spending that was the problem again, and at $688.7 billion, or over $22 billion per day, the October total was a 17.9% jump compared to the $584.2 billion spent a year prior. And just when the US was making some modest progress on merging the red (spending) and green (revenue) lines.
My favorite economic doom pages say it all wipes out in 2026.
They shouldn’t give out hope like that.
NO CBDC Great Leap Forward without 1929 style.
The Genius act features free dunce caps and struggle sessions for shirkers.
As long as the ”fed” will exist, the debt will spiral out of control.
1913 was the date. Before that it was fine, after that, it started (with a war and income tax to start with).
The criminals behind this ponzi scheme will do everything to keep nations under their yoke by the power of their usury.
The real candidate that will make the US great is the one who will have the end of the ”fed” in his program.
All the others are either ignorant, incompetent or corrupt.