Where Your Tax Dollars Went in 2010

Discussion in 'Economics' started by Kassz007, Mar 10, 2011.

  1. 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."

    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.

    ...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.
  2. 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.

    got to get those " terrorists" before they come over here and force us to be muslims.
  3. cut defense budget to 200 billion immediately.

    Dissolve 8 of 11 carrier fleets.

    Recall all overseas troops and close down all overseas bases, unless host country is willing to pay double the upkeep, thereby insuring a profit.

    Cut all military aid to every country in the world, less meddling in other's family affairs will make it less likely for others to attack us. Stay officially neutral like switzerland.

    Invest in defensive rather than offensive technologies. Defensive technologies are much cheaper, that is why Sunburn missiles or 21D can sink an aircraft carrier with relatively low cost.

    Dissolve NATO. If europe wants NATO, they must pay double the upkeep, NATO membership can only be a "profit" for the USA.

    Triple the price for sale and transferral of military technologies. If Britain wants to buy trident missiles, make them pay 3X the price.

    Investigate all defense companies for past corruption and price gouging, if found guilty, whole company is liquidated and assets transfered to the coffers of the state.
  4. piezoe


    I'm not sure why entitlements are being included as they are independently funded. It seems only the excess of medicare expenditures over revenues should be included. Doesn't including entitlements give a distorted percentage view of military and DHS spending? Oh well, perhaps that is what was intended.

    By law Social Security revenues may not be diverted to the general budget, which in effect means that if the government wants to use Social Security revenue to bomb Iraq they have to borrow from Social Security. Only the amount of social security expenditures exceeding revenues should concern us. So far, this is zero overall as a shortfall in the disability fund is compensated by a surplus in the retirement benefits fund. The real problem for Social Security going forward is out-of-control defense, medicare, and DHS spending resulting in deficits leading to inflation. Going forward, inflation threatens to exceed the returns on the Treasuries held by the Trust Fund. There is also a problem with changing demographics, but that requires only minor tweaking to correct, if not delayed.
  5. Haven't seen this for 2010, but it's no real surprise how mismanaged everything is. No wonder things are so messed up...