By: Ted Patterson
The fed just released its Monthly Treasury Statement for fiscal year 2020, revealing the second-highest federal spending in these months in U.S. history.
CNS News reports, “The federal government collected record total tax revenues of $470,706,000,000 in October and November… Despite collecting that record amount in taxes, however, the federal government still ran a deficit of $343,360,000,000 during October and November because it spent $814,012,000,000 in those two months.”
Why It Matters:
This level of spending and taxation is unsustainable.
“Blessed are the young for they shall inherit the national debt.”
Ted Patterson is editor of Republic Press.