Projections published by the Office of Management and Budget show that in Fiscal Year 2020, the U.S. government will allot $3.22 trillion to programs that are “designed to transfer income … to individuals or families.”
These “payments for individuals” will account for 67.9% of federal spending — compared to 2.1% in 1940. They include payments for medical care, food and nutrition assistance, Social Security and civil service retirement, among other things. The biggest cost will be medical care, including Medicare and Medicaid, which will total $1.43 trillion.
During fiscal year 2020, the federal government will collect a record $3.64 trillion in tax revenues. Its overall spending will be a record $4.74 trillion. This will produce a record annual deficit of $1.1 trillion.
For a socionomic look at the multi-decade growth of federal social entitlements, read “The Government Entitlement Tsunami will Subside“.
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