Nice recap courtesy of JP Morgan Wealth Management …
Easy facts to remember:
- Feds take in about $2.5 trillion in taxes
- Deficit is just over $1.1 trillion
- Spending is over $3.6 trillion
Note that Social Security & Medicare spending is about twice what’s taken in via “Social Insurance” … aka. “payroll taxes”.
Also note how big that dashed Borrowing box is.
We don’t have a spending problem.
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Chart Tip: Being picky, but they should have put Social Insurance at the bottom of the sources’ stack so that it lined up with Social Security and Medicare.
Every list should have a logical order … and that order is rarely the order that you thought of things.