Treasury numbers have been posted thru the first statement-day of February and YoY we are down $51B. Interactive chart of a potential fiscal disaster in the making below:
We ended December at down $32B YoY and now after another month has passed by we have fallen behind last year by an additional $19B.
This current fiscal situation, where we find ourselves DOWN this FYoY by over $50B is perhaps unprecedented in certain details.
Total Treasury spending to this point last year was $1,429B so this $51B YoY reduction represents above a 3.5% cut.
Nobody but our small MMT-based community even knows what the heck is even going on in these matters ... SCARY!
we need to see complete YOY cycle to include march april may where the bulk of TAX refunds are processed out
ReplyDeleteFebruary is small probably due to government ramping up for the tax refund season
How much in "outlays" or government spending has occurred already due to Obamacare to insurance companies and then the derivative bonus to doctors, medical devices, and hospitals for getting new patients who otherwise would have used ER or just have not gone ?
ReplyDelete"Nobody but our small MMT-based community even knows what the heck is even going on in these matters..."
ReplyDeleteAnd let's face it, even within the MMT community WE (meaning you and me, Matt) are the ONLY ones tracking these numbers daily. Most of MMT doesn't know about it either. If anything, they're just guesstimating from anecdotal evidence or from waaay late government data releases.
It is ONLY here on MNE that you get this, folks.
What about external trade and the private sector?
ReplyDeleteI would expect the latter to be no better than break-even or declining, but foreign sector (temporarily) might mitigate the government's YoY decline, correct?