The US’ spending problem is starting to become a major issue.
According to the latest Monthly Treasury Statement, in June, the US collected $225BN in tax receipts – consisting of $110BN in individual income tax, $91BN in social security and payroll tax, $4BN in corporate tax and $20BN in other taxes and duties- a drop of 2.9% from the $232BN collected last July and a reversal from the recent increasing trend…
… and in July, the 12 month trailing receipt total was barely higher compared to a year ago, up just 0.4% Y/Y after rising as much as 3.1% at the end of 2017.
Meanwhile Federal spending rose, up 9.9% from $275BN last July to $302BN last month.
… where the money was spent on social security ($83BN), defense ($49BN), Medicare ($24BN), Interest on Debt ($35BN), and Other ($111BN).