The Motley Fool Discussion Boards
Retirement Discussions / Retire Early CampFIRE
|Subject: Re: Little known facts||Date: 11/15/2012 6:43 PM|
|Author: JAFO31||Number: 655376 of 860637|
<<<resize the military budget first, then the others. but the sacred cow needs dehorning.>>>
"Resize welfare first."
For all federal spending:
Defense + - 20%
Social Security - 20% - but not paid for with federal income tax, paid by FICA tax.
Medicare, Medicaid, and CHIP - 21% - Medicare not paid for with federal income tax, paid for by FICA; Medicare is 2/3 of this total, so 7% for for Medicaid and CHIPS is welfare.
Safety Net Programs - 13% "Such programs keep millions of people out of poverty each year. A Center analysis shows that government safety net programs kept some 25 million people out of poverty in 2010. Without any government income assistance, either from safety net programs or other income supports like Social Security, the poverty rate would have been nearly double in 2010 (28.6 rather than 15.5 percent)."
Interest on Debt - 6%
Benefits for Fedreral REtirees and Veterans - 7% - Not sure why benefits for veterans is allocated here instead of Defense. Makes we wonder where salary to miliary is allocated?
Everything else, is 4% or less by category and 11% of all federal expenditures in total.
The two large "targets" to reduce deficit versus FIT collections are defense and welfare. No sure why welfare should come first when we outspend the remainder of the world in military spending, and likely underspend compared to most of the world in welfare.
|Copyright 1996-2017 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|