Federal Income Receipts
$3.66 Trillion
Social Security, Medicare Taxes
29%
$1.070 Trillion
Personal Income Taxes
42%
$1.549 Trillion
Corporate Income Taxes
9%
$332 Billion
Excise, Estate, Gift Taxes
8%
$295 Billion
Borrowing to Cover Deficit
12%
$438 Billion
Federal Outlays
$3.66 Trillion
Social Security, Medicare, Retirement
42%
$1.54 Trillion
Law Enforcement and general Government
2%
$74 Billion
Net Interest on Government Debt
6%
$221 Billion
Physical, human, and community development
7%
$250 Billion
National Defense
21%
$774 Billion
Social Programs
23%
$848 Billion
Before the first Monday in February the President is required by law to submit to Congress a budget proposal for the fiscal year that begins the following October.
There are several key elements from this budget overview
- In Fiscal 2015, we had a deficit of $438 Billion—12%. In my judgment politicians are too cavalier about the deficit. Currently, net interest on the debt is 6%. However, as the deficit grows and our interest rates rise, this number will grow
- Social Security, Medicare, and Medicaid, represents 42% of our outlays. As a percentage of our outlays, this allocation is too high. Sadly, again, unless we take proactive steps, the percentage to this area will grow.
- National Defense -21%. Given all of our challenges, national defense will take up a bigger percentage of our expenditures going forward.
- Physical, human, and community development—7%. I would like to see this sector grown.
Originally published in the Sarasota Herald-Tribune
