The fiscal year is about to end for the federal government. How did they do? If the first 11 months are any indication, not so good.
So far this year, the federal government brought in more money than ever, but even at record tax receipts, the government is far outspending its intake.
Tax receipts totaling $2.66 trillion still weren’t enough. The federal government is running a $598 billion deficit as of August 31.
See the numbers for yourself in the Monthly Treasury Statement from the Department of the Treasury.
If an individual can’t live within their budget, is the solution giving them more money? No, without a change in the person’s attitude and habits, any extra money earned will be spent just as foolishly as it always was.
The same is true for a government. If it can’t even write a balanced federal budget, let alone stick to one, then more revenue is not going to solve the problem. It has no business asking the citizens for more of their hard-earned money until it learns how to spend what it has wisely.
More taxes and more funding are not the solution and never have been. A broken system can’t be fixed by throwing more money into it. We need to fix the system.
A balanced budget amendment instituted through a Convention of States would bring the federal spending machine under control. What are we waiting for?