America’s Expenses, Income & Debt for 2016

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In 2016, the federal government spent $3.8 Trillion to pay its bills (I.e. Military, Social Security, Medicare/Medicaid, Education etc.). Here’s how much of it was spent:

* Medicare/Medicaid  – $1.1 Trillion

* Social Security  – $976 Billion

* Dept. of Defense  – $565 Billion

* Dept. of Treasury INTEREST ONLY on our Debt – $429 Billion

Those four “items” alone account for roughly $.80 for every $1 spent by the federal government.

The other roughly $.20 combined spending goes for everything else including Education, Veterans, Homeland Security, Housing & Urban Development, Transportation, Energy, Agriculture, Environmental Protection.

Department of Treasury related link

Income

The federal government also collected roughly $3.2 Trillion from taxpayers (I.e. Your paycheck).

Here’s the breakdown

Debt

Finally, over the years, the federal government has borrowed money to take care of its needs. Currently, it owes over $19.8 Trillion on its “credit cards” and “loans” combined (national debt).

Here is a real time total of what the federal government owes and who it owes it to.

As stated earlier, in 2016, the federal government used the taxes we paid to pay $429 Billion in INTEREST ONLY on the total amount it owes.

Here’s how much the national debt has grown since 2000:

debt.jpg

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Author: TaxAssurances, LLC

Chex Balances is the blogsite of TaxAssurances, LLC, an independent financial services firm that provides expert advice and solutions in Accounting and Insurance. The site provides insightful and useful information around the reader's financial life. Information that helps them understand and navigate the financial details of everyday living.

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