A few months back, entertainer Cardi B wanted to know where the money went for all the taxes she paid. Well, here’s a breakdown of how it was spent.
From October 2017 – September 2018, the federal government spent $4.1 Trillion to pay its bills. Here’s how much of it was spent:
* Medicare/Medicaid (Dept. of Health & Human Services) – $1.1 Trillion
* Social Security – $1 Trillion
* Dept. of Defense – $601 Billion
* Dept. of Treasury INTEREST ONLY on our Debt – $522 Billion
Those four “items” alone account for roughly $.79 for every $1 spent by the federal government.
The other roughly $.21 combined spending goes for everything else including Education, Veterans, Homeland Security, Housing & Urban Development, Transportation, Energy, Agriculture, Environmental Protection.
The federal government collected $3.3 Trillion from taxpayers like Cardi and the rest of us.
It’s also worth keeping in mind, that like last year, over the years the government has borrowed a lot of money to pay its bill. Right now the government owes (national debt) over $21.6 Trillion.
So there you go Cardi. That’s what the government did with your money last year.
*Source: Department of Treasury, “The Monthly Treasury Statement of Receipts and Outlays of the United States Government” report.
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