The FY13 Federal budget is 3.8 trillion dollars – including a more than 700 billion dollar deficit pushing the debt to 17.5 trillion dollars (more than the annual GDP).
Social Security is 820 billion of the budget – but social security taxes will only bring in 707 billion. Social security spending as a percent of GDP has doubled in the last 40 years to over 8%.
Medicare and Medicaid are another 811 billion of the budget – and medicare taxes will bring in just 214 billion.
State and local governments are expected to spend another 1.7 trillion dollars.
The various governments, therefore, are spending over 35% of the US GDP.
The US Gov, as of 2010, employs about 3,000,000 people directly. State governments have another 4,000,000 between them. Local governments another 11,000,000.
The US workforce is about 150,000,000. So 12% of the workforce works directly for the government.
Go on, tell me we shouldn't cut government spending.
Wednesday, September 12, 2012
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