In 2009, the U.S. Federal Budget Deficit was soaring. Since 2008, it had climbed over 308% to a whopping $1.4 Trillion. Fortunately, the following 5 years saw steady declines and the gains from 2008-2009 have been nearly wiped out. The total United States Federal Budget Deficit for 2014 was $483.4 Million, which was just a little over 5% higher than the budget deficit of 2008 when it was $458.6 Million.
While this is great, there is one area of concern that I want to point out. It appears that most of the gains have been made by increasing revenues instead of reducing spending. Since 2009, total Federal Government spending has declined. However, the rate of decline is very small – a meager 4.1%. Total revenues are a completely different story. Federal Government revenue for 2014 was higher than even 2007 – a year in which the economy and wages of the american public was in much better shape. U.S. federal government revenues per capita increased have increased 38% since 2008.
Data Source: U.S. Government Publishing Office.
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