In fiscal year 2023 the federal government spent $6.1 trillion. Of that iover $4.4 trillion was financed by federal revenues. The rest was financed by boirrowing. The majority of the money was spent on the following;
a. About 24 percent, or $1.6 trillion was spent on health insurance subsidies. roughly half or $848 billion went to Medicare and the rest, about $633 billion to Medicaid and CHIP
b. About 21 percent of the budget or $1.4 trillion was spent on Social Security.
c. About 13 percent of the nudget or $820 Billion was spent on national defense activities.
d. About 8 percent of the budget or $545 billion was spent on economic security programs for
individuals or families facing hardship including Child Tax Credit for low and moderate income working families; low income for those opver 65 or disabled; supplemental nutrition programs and more.
e. About 7 percent or $481 Billion provided benefits to veterans and former career employees of the federal government.
f. About 10 percent of the budget or $658 billion was needed to pay interest costs on our national debt which is over 35 trilion now.
e. About 20 percent supports public services like investing in basic infrastructure like rads bridges and airports, maintaining natural resources, scientific research, promoting justice, and humanitarian aid and operation of the U.s. embassies and consulates.
f. 26 percent is discretionary
.
Jeff Newman JD MBA, represents whistleblowers nationwide relating to Medicare and Medicaid fraud, under the state and federal False Claims Act (Qui Tam) and corporate whistleblowers in major claims under the SEC, CFTC and FINCEN whistleblower programs. He can be reached at Jeff@JeffNewmanLaw.com or at 617-823-3217
