Kansas Kid said:
mccjames said:
According to treasury they say revenue is 4.92 trillion
SS spending is 250 Billion, Medicare is 206 Billion Total of 456 Billion. So it doesn't look that impossible, difficult yes but not impossible.
Biggest issue is we are spending 6.75 trillion which is just not sustainable. 23% of GDP and that is a significant drop from the 30% during COVID years.
Last time we had surplus was 2001 but we were sub trillion in deficit for multiple years. It needs to be the target.
I'm not sure where you got your data but it is way off. SSA is about $1.5T alone.
These numbers are from the CBO:
For 2023, the federal government brought in $4.4 Trillion in revenue.
We spent $6.1 Trillion, meaning we took on $1.7 Trillion in new debt.
Mandatory spending (Medicare, Medicaid, Social Security, etc.) was $3.8 Trillion. That is 62% of the budget and 86% of revenue.
If you include interest on the debt, the total goes to $4.459 Trillion. This is $59 Billion more than the US received in revenue. Mandatory spending plus interest on the debt is now greater than total tax revenue.
It also represents 73% of the budget.
That means that the remaining amount of government spending (which is the actual day to day running of the government) has to be funded entirely with debt.
Social Security was 21% of spending, and 29.5% of revenue.
Medicare was 14% of spending and 19% of revenue.
Medicaid was 10% of spending and 14% of revenue.
"Income Security programs" was 7% of spending and 10.1% of revenue.
"Other mandatory spending" was 8% of spending and 11.4% of revenue.
Interest on the debt was 10.8% of spending and 15% of revenue.
The entire amount of tax revenue of the United States goes to entitlement spending and interest.
“Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy. It's inherent virtue is the equal sharing of miseries." - Winston Churchill