It is only fitting that the twilight days of the Biden admin would exhibit more of the same fakeness that defined not only all of the past four years, but certainly the fakeness of that Kamala Harris presidential campaign which had a billion dollars a month ago and ended up in failure, broke... and millions in debt. We are talking, of course, about the relentless debt-funded spree that somehow became synonymous with economic success in the US.

According to the latest Treasury data released today, in November - the second month of fiscal 2025 - the US spent a massive $584.2 billion, a 14% increase from the prior year, and a record for the month of November. For those who remember out outrage from a month ago, will also remember that the latest deficit number follows what was also a record government outlay for the month of October.

On a trailing 6 month moving average basis, to smooth out outliers months, the spending hit $586 billion, effectively at an all time high with just the record spending spree during covid pushing government spending higher.

The surge in spending was driven primarily by higher spending on health, defense and Social Security, but mostly a huge $50BN spike on Medicare outlays!

The long-term chart of government spending shows what we all know: DOGE or not DOGE, there is no stopping this train.

The surge in spending was far greater than the much more modest increase in tax revenues: in November, the US government collected $301.8 billion in taxes, up 9.8% from the $274.8 billion last November. As shown in the next chart, while spending continued to grow exponentially, tax receipts have flatlined, and the 6 month average in October was just $380 billion, the same as three years ago!