By: Vincent Mortensen
Each year, our federal government creates a budget that will dish out money to all the programs deemed worthy. We often hear the federal budget deficit is spiraling out of control….and it is. Ever wondered what lies in our nations yearly spending? Find out below:
Health (23.6%) – The largest spending of the budget lies within health care costs. This includes programs such as Medicare, Medicaid, and other public health services.
Social Security (24.3%) – Coming in second place is Social Security. Of course, this includes financial benefits given to those as early as age 62, but this also includes those who qualify and have become disabled. It has been noted Social Security may be one of the largest cut programs when the government is forced to end overspending and balance the budget. Save today to create financial peace tomorrow!
Defense (17.3%) – Many Americans believe spending on the military and defense is number one in the budget. In reality, it actually takes the bronze medal. This part of the budget includes paying for military expenses on foreign soil, expenses to keep our home land safe, and also perks for soldiers such as the G.I. Bill.
Income Security (14.7%) – This sounds like a broad and confusing category, but what it entails is simple. Interestingly enough, the largest expense within this category are tax rebates like the Earned Income Tax Credit. Other programs include affordable housing and food stamps for those in poverty.
Interest (6.5%) – This is where things get alarming. The government is spending about 6.5% of the budget to simply stay recent on loans taken from other governments such as Canada, Japan, and China. Think off all the cool things America could do with that money if they drastically reduced the spending in this category.
Other (13.6%) – The individual expenses are small and the categories are numerous at this point. Some of the “other” expenses include environmental affairs, education, and international affairs.
If you are interested in learning more about this subject, there are a couple of websites you can visit: