http://financialedge.investopedia.com/financial-edge/0311/Where-Your-Tax-Dollars-Went-In-2010.aspx
Most of you already know this stuff, but I thought I'd post a short article I came across for those who might not be aware.
"According to the General Accounting Office, the U.S. government spent $4.3 trillion in 2010. That stands in stark contrast to the $2.2 trillion in government revenues."
Defense
The U.S. government spent more money on the Department of Defense than anything else in 2010. Net Defense spending totaled $889 billion in 2010, or more than 20% of the government's total spending.
Social Security
Social Security accounted for $754 billion in 2010, up 2% from the level of spending in 2009 and almost 18% of spending. Medicare was likewise a huge expense - in excess of $500 billion for the year - while Medicaid spending topped $300 billion and the two combined for nearly 20% of U.S. spending.
Interest
...amounted to $215 billion in 2010, or 5% of the total.
The Department of Labor
...federal unemployment benefits flow through this department, so the $179 billion spending in 2010 (up from $140 billion in 2009) is not altogether unexpected. Along similar lines, much of the $134 billion that went to the Department of Agriculture went to food assistance programs, while farm subsidies amounted to $14 billion and food safety initiatives a little more than $1 billion.
Department of Transportation
$80 billion to the Department of Transportation...
A Warning from the Auditors
One disturbing note from the 2010 spending year is the apparent amount of "wiggle room" in the budget and spending process. Because of various reporting weaknesses, the GAO asserted that it could not provide an audit opinion for the year. The biggest number of weaknesses was found in the Defense department, and the Homeland Security department likewise reported a large amount relative to the size of its budget. Making matters worse, the Treasury Department (the one department arguably most expected to be good at accounting) had a worrisome number as well.
Most of you already know this stuff, but I thought I'd post a short article I came across for those who might not be aware.
"According to the General Accounting Office, the U.S. government spent $4.3 trillion in 2010. That stands in stark contrast to the $2.2 trillion in government revenues."
Defense
The U.S. government spent more money on the Department of Defense than anything else in 2010. Net Defense spending totaled $889 billion in 2010, or more than 20% of the government's total spending.
Social Security
Social Security accounted for $754 billion in 2010, up 2% from the level of spending in 2009 and almost 18% of spending. Medicare was likewise a huge expense - in excess of $500 billion for the year - while Medicaid spending topped $300 billion and the two combined for nearly 20% of U.S. spending.
Interest
...amounted to $215 billion in 2010, or 5% of the total.
The Department of Labor
...federal unemployment benefits flow through this department, so the $179 billion spending in 2010 (up from $140 billion in 2009) is not altogether unexpected. Along similar lines, much of the $134 billion that went to the Department of Agriculture went to food assistance programs, while farm subsidies amounted to $14 billion and food safety initiatives a little more than $1 billion.
Department of Transportation
$80 billion to the Department of Transportation...
A Warning from the Auditors
One disturbing note from the 2010 spending year is the apparent amount of "wiggle room" in the budget and spending process. Because of various reporting weaknesses, the GAO asserted that it could not provide an audit opinion for the year. The biggest number of weaknesses was found in the Defense department, and the Homeland Security department likewise reported a large amount relative to the size of its budget. Making matters worse, the Treasury Department (the one department arguably most expected to be good at accounting) had a worrisome number as well.