The cost of interest on the national debt has surged and could soon exceed $1 trillion per year. This will act as a permanent drag on the economy until Congress is willing to address unsustainable deficit spending.
Created October 17, 2024
Source: Congressional Budget Office
In fiscal year 2023, the federal government took in a whopping $4.4 trillion of revenue. However, because it spent $6.1 trillion, there was a deficit of $1.7 trillion. There is no excuse for such a large deficit during a non-recession peacetime year.
Created July 24, 2024
Source: CBO
Spending on the SNAP program (commonly known as food stamps) has exploded even after adjusting for inflation, despite there not being a surge in poverty that might justify so much spending.
Created November 29, 2023
Source: Department of Agriculture
Federally funded health programs and the tax exclusion for employer-provided insurance are by far the most costly part of the federal government. These costs are set to grow from $1.8 trillion in 2023 to $3.3 trillion in 2033 unless Congress takes action to address this unsustainable problem.
Created October 6, 2023
Source: Congressional Budget Office
Many left-wing activists push for America to embrace a more expansive welfare system along the lines of what many governments in Western Europe have. However, the resulting level of spending forces governments to impose heavy taxation across the board. Middle class families in America face much lower taxes than comparable families in Europe.
Created May 31, 2023
Source: OECD, Tax Foundation
The federal government spent $1.08 trillion on transfers to state and local governments in 2023. Such spending has increased rapidly in both inflation-adjusted terms and as a share of the economy, and is a significant factor behind large budget deficits and excessive federal control over the country.
Updated March 28, 2024
Source: Office of Management and Budget
Between 2005 and 2021, improper payments grew at nearly seven times the rate of GDP.
Federal Reserve of St. Louis, FRED
Bureau of Economic Analysis
Created December 9, 2022
Source: Paymentaccuracy.gov
From 2020 to 2024, a span of just four years, the federal government added $12 trillion to the national debt as a result of a massive spending spree. It took the government 220 years, from George Washington to Barack Obama, to initially reach $12 trillion in debt.
Historical data also from Treasury.
Updated October 17, 2024
Source: Treasury Department
Since the start of the Biden-Harris administration, they have overseen a deficit increase that is expected to reach $7 trillion through 2031.
Updated October 17, 2024
Source: Congressional Budget Office
Nondefense spending was over twelve times higher in 2022 than it was in 1965 after adjusting for inflation, and more than seven times as much per person. Meanwhile, the level of inflation adjusted defense spending has remained relatively consistent, especially on a per person basis.
Updated August 31, 2023
Source: Office of Management and Budget
