America’s Expenses, Income & Debt for 2016 – 2017

For fiscal years 2016 and 2017 (October 2016 – September 2017), the U.S. federal government spent $3.98 Trillion to pay its bills (I.e. Military, Social Security, Medicare/Medicaid, Education etc.). 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  – $568 Billion

Dept. of Treasury INTEREST ONLY on our Debt – $457 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.

Income

The federal government also collected roughly $3.31 Trillion from taxpayers (I.e. Your paycheck).

Here’s the full Department of Treasury report for both expenses and income.

Debt

Finally, over the years, the federal government has borrowed money to take care of its needs. Currently, it owes over $20.4 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 the 2016 – 2017 fiscal year, the federal government used the taxes we paid to pay $457 Billion in INTEREST ONLY on the total amount it owes.

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

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Total Amount The US Government Owes

irs-building1In 2015 the federal government spent $3.7 Trillion to pay its bills (I.e. Military, Social Security, Medicare/Medicaid, Education etc.). It also collected $3.2 Trillion from taxpayers (I.e. Your paycheck).

Over the years, the federal government has borrowed money to take care of its needs. All together, it owes $18.7 Trillion on its “credit cards” and “loans” combined.

In 2015, it used the taxes we paid to pay $402 Billion in INTEREST ONLY on the total amount it owes.

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

http://www.treasurydirect.gov/NP/debt/current

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Total 2015 Federal Government Spending

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Here is everything for 2015 that the federal government spent on (actual, column 4), with the money they took out every one of your paychecks:

https://www.treasury.gov/press-center/press-releases/Documents/Outlays%20By%20Agency.pdf

 

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Buy the Car, Don’t Lease It

2010-Dodge-Charger-Sedan-Image-03-1024Should you buy a car or lease it? The debate for the average family is not even close.  Buy the car. Preferably two or three years old, certified pre-owned and the buyer should work to keep it running for ten to twenty years. Why? The money that the average family can save once the car is paid off far outweighs the cost of continuing to keep a monthly car payment with every new car leased.

Money Saved Buying a Car

For instance, let’s say a driver purchases a new car or a certified pre-owned car. With that purchase, let’s say they spend $350 per month for five years on the car. After five years, the buyer no longer has to make a car loan payment. They have completely paid off the car loan and they own the car without any debt on it.

Now let’s say they keep the car for another ten years or so.  Because the owner paid off the car loan that allowed for the purchase and no longer have a monthly payment, they now get to keep $4,200 per year. Over the course of ten years that’s a savings of $42,000. Real savings for a family over time.

The Problem with Leasing

If the driver leases the car however, after the three years of the lease agreement, the driver has to give the car back to the car dealer. They now have to get another car and the payments on the new car start all over again. What that means is that there is no extra $4,200 per year in savings.

Car Maintenance is Key

The key to making this buy over lease strategy work is maintaining the car. That means the buyer should keep up with the periodic maintenance of the car every three months or three thousand miles.

It means they need to get the oil changed, the tires rotated, brakes fixed or changed when needed and most importantly not driving the car to hard. When a driver does all of this, they have a better chance of the car lasting a very long time and saving a lot of money over that time period.

Forgetting the Joneses

One of the downsides to keeping a car for a long period of time is that drivers will not be able to keep up with the Joneses in the best car category. Year in and year out new and more stylish cars come out and having a car that is twelve or thirteen years old doesn’t make the driver the cool kid on the block. But it does mean that the driver will have the chance to save more for retirement, education, a rainy day and family vacations.

So if you are looking to get a new car but you also want to keep your financial security and financial freedom, buy the car and keep if for years instead of leasing it. You’ll thank yourself in the future.

 

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