We Don’t Waste A Lot of Our Tax Dollars on Welfare

According to the Department of the Treasury, 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.

Also according to the Department of the Treasury, the food stamps program which is part of spending through the Department of Agriculture, is less than 2% of overall federal spending each year. 2 cents of every $1 we pay in taxes

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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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