- Published: September 29, 2022
- Updated: September 29, 2022
- University / College: University of Massachusetts Boston
- Language: English
- Downloads: 42
Today’s Federal Debt is about $18, 798, 926, 407, 000 and that does not include state and local debt and, it doesn’t include called agency debt and, it doesn’t include the so-called unfunded liabilities of entitlement programs like Social Security and Medicare. In end of 2015 the national debt was estimated to be $21. 7 trillion, including federal $18.
2 trillion, state $1. 15 trillion, and local $1. 9 trillion. Government borrowing, for the national debt shortfall, can also be in other forms – issuing other financial securities, or even borrowing from world-level organizations like the World Bank or private financial institutions. Health Care Programs: A total of 940 billion USD was allocated to health care benefit programs, which includes the much talked about Medicare and Medicaid benefits program. Social Security Program: Aimed at providing financial security to the retired pensioners of age 65 plus by keeping them above the poverty line, the total Social Security expenditures in the year 2013 were 882 billion USD.
Defense Budget Expenses: The portion of national budget which is allocated for military related expenditures. Reports suggest that in 2013, 718 billion USD was spent on the U. S. Defense Budget. According to the United States National Debt Clock website, each citizen’s share of the deficit is $42, 268.
79. In 2009 the government took in about $2. 1 trillion dollars in taxes. This is a significant amount of income until you notice that government expenditures total almost $3. 6 trillion.
This led to a budget shortfall of about $1. 5 trillion dollars. One of the methods to close this shortfall being considered is to increase federal taxes. So, the deficit just continues to grow. There is no easy solution to the budgetary problems in the United States.
Hard choices will need to be made and it will take some outside-the-box thinking to develop solutions. The big problem with fixing the debt crisis is that the majority of Americans do not want to eliminate certain spending programs or pay higher taxes. If we did not have debt the United States wouldn’t have to worry about other countries trying to own us. If you vote it can maybe help decrease our debt. Get a petition against the government so that we can get better people to stop spending so much money and learn how to get rid of some of our debt not all of it.
