Federal budget percentages pie chart12/1/2023 ![]() In contrast, Social Security and healthcare have grown steadily as a percentage of GDP. From the graph, we see that national defense spending as a share of GDP has generally declined since the 1960s, although there were some upward bumps in the 1980s buildup under President Ronald Reagan and in the aftermath of the terrorist attacks on Sept. ![]() The other lines in Figure 16.2 show the major federal spending categories: national defense, Social Security, health programs, and interest payments. Despite a widespread sense among many Americans that the federal government has been growing steadily larger, the graph shows that federal spending has hovered in a range from 18 percent to 22 percent of GDP most of the time since 1960. The top line in Figure 16.2 shows the level of federal spending since 1960, expressed as a share of GDP. A more useful method of comparison is to examine government spending as a percentage of GDP over time. Comparing spending over time in nominal dollars is misleading, because it does not take into account inflation or growth in population, or the real economy. This section presents an overview of government spending in the United States.įederal spending in nominal dollars, that is, dollars not adjusted for inflation, has grown by a multiple of more than 38 over the last four decades, from $93.4 billion in 1960 to $3.9 trillion in 2014. GDP in 2009, making it by far the largest budget deficit relative to GDP since the mammoth borrowing used to finance World War II. This deficit was about 10 percent of the size of the U.S. government experienced its largest budget deficit ever, as the federal government spent $1.4 trillion more than it collected in taxes. If government spending and taxes are equal, it is said to have a balanced budget. Conversely, when the government receives more money in taxes than it spends in a year, it runs a budget surplus. When the federal government spends more money than it receives in taxes in a given year, it runs a budget deficit. Government spending covers a range of services provided by federal, state, and local governments. federal budget, and state and local budgets Explain the differences between the U.S.budget deficit and surplus trends over the past five decades View OFA’s national and individual state pie charts for more information on how states used their TANF and MOE funds in FY 2017.Learning ObjectivesBy the end of this section, you will be able to do the following: From FY 2016 to FY 2017, the amount of funds used for basic assistance and child care decreased (by $314 million and $110 million, respectively) while the amount used for work, education, and training activities increased by $444 million -however this was reflective of an increase in only a few states.OFA’s interactive map shows the distribution of this spending by state. 27 states used less than half of their TANF and MOE funds on the combination of basic assistance work, education, and training activities and child care. ![]()
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