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