Go to the following site: The federal government collects taxes to finance vario

Question

Go to the following site: The federal government collects taxes to finance various public services. As policymakers and citizens weigh key decisions about revenues and expenditures, it is instructive to examine what the government does with the money it collects. What was government spending and government revenue in 2015? What was the size of the deficit? According to the chart, what are the top three programs in terms of government expenditures and what percent of total expenditures do these three programs represent? Discretionary spending is generally defined as spending outside of Defense, Major health programs (Medicare/Medicaid), Social Security, and interest on debt. Using this definition, what share of spending is currently discretionary? What share of government spending is foreign aid (international non-security spending)?

Explanation / Answer

a.

$3.7 trillion- government spending.

$3.2 trillion-government revenue.

deficit-$438 billion.

b.

Medicare, Medicaid, CHIP, and marketplace subsidies-25 percent.

Defense and international security assistance-16 percent.

Social Security-24 percent.

c.

Benefits for federal retirees and veterans,Transportation,Education,Science and medical research,Non-security international,All other-19%

d.international nin-security spending-1%

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