During the 90 months that President Obama has been in office,Ā the federal government collected a total ofĀ $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,Ā 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 Americanās who are on average struggling to get by financially.
From CNS:
During those same 90 months, the federal debt rose from $10,632,005,246,736.97 to $19,427,694,579,786.64āan 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 $322,813,000,000ārunning 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 $3,192,487,000,000ārunning 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 reportedĀ there were 151,517,000 people employed in the United States in July, the amount ofĀ taxes the Treasury has collected during Obamaās first 90 full months in office would amount toĀ $131,775 per worker.
The amount of new debt created under the Obama Administrationās 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.
