The U.S. Treasury Department reported that federal spending (outlays) for fiscal year ending 9/30/22 was $6.27 trillion, down $530 billion from the previous fiscal years (Trump's last fiscal year) federal spending of $6.8 trillion, an 8% reduction in fiscal spending. The department also noted that the federal deficit was $1.38 trillion, down $1.4 trillion from the previous federal deficit of $2.78 trillion or 50% lower.
Year to year federal spending (outlays) has been down 4 times in the last 12 years, and all by democratic administrations. It was down in fiscal years 2010, 2012 and 2013 under President Obama's administration and now in 2022 under President Biden's administration. The last time year to year federal spending was down by a Republican administration was in 1955 by the Eisenhower administration, 67 years ago. It is also worthwhile noting that federal spending in fiscal 2022 was down also from Trump's 3rd fiscal year that ended 9/30/20 when federal spending came in at $6.5 trillion.
The readers of Politidose commentary knew it would all take place because of the democratic party's precedent on fiscal matters that go back too many years to count. And Politidose commentary in December 2020 before Biden took office and on January 23, 2021 soon after he took office predicted how President Joe Biden would reverse the fiscal disaster of the Trump/GOP administration.
Trump and the GOP's fiscal deficit in their third fiscal year ending in 2020 was a record $3.13 trillion and broke the previous one year fiscal record set by former GOP President George W. Bush when the deficit came in at $1.4 trillion in his fiscal 2009 federal budget. So, as of this writing, Trump and Bush 43 hold the record for the highest single year fiscal year deficit.
The Treasury Department also announced that federal revenues for fiscal 2022 were $4.896 trillion, a record due to the workforce having jobs and spending money and the tax increases to those who have not been paying their fair share.
Once again it is a democratic administration that is reversing the previous GOP's fiscal disaster despite the lies and misinformation of the GOP, it's supporters and the media who ae willing to run with the GOP talking points of the democrats being the big spenders crumbles with the facts. Those are the same voices who started the big lie about record spending under the Biden administration the day they took office.
Politidose commentary has been there for the past 9 years with the true story and the facts how democratic administrations are best at governing and who have been the most fiscal responsible party. So, stay tuned to Politidose, for your daily dose of political commentary and tune out the negative voices and news media and the GOP's lies and misinformation.
This commentary written by Joe Lorio
