The U.S. government’s total public debt outstanding has nearly reached $22.6 trillion with two weeks left to go in the government’s 2019 fiscal year.
The Tax Cut and Jobs Act of 2017 appears to be delivering an unexpected benefit to state governments: It is lowering their cost of their borrowing.
Where the primary cause of the U.S. government’s growing deficits and national debt is concerned, it’s the spending, stupid!
Together, faster economic growth and increased numbers of Americans earning higher incomes led to increased individual tax collections.
Treasury department’s new graphic helps explain deficit.
More than half of Americans receive more money from gov. transfer programs than they pay in federal taxes.