How much does the government spend and where does the money go? How does this affect the national debt?
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The federal government collected $3.5 trillion in revenue in fiscal year 2020 — or $10,457 per person. Ninety-one percent came from individual income, payroll, and corporate income taxes.
The federal government spent $6.6 trillion in fiscal year 2020 — or $19,962 per person. Medicare, Social Security, defense and veterans, debt interest, support to businesses, plus assistance like stimulus checks and unemployment insurance accounted for 73% of spending. This includes funding distributed to states.
The federal government made $2.6 trillion in funds available to respond to COVID-19 and spent $1.6 trillion of that in fiscal year 2020.
Over $1 trillion of the funds were spent on small business loans, unemployment compensation, and stimulus checks. In comparison, 2009’s American Recovery and Reinvestment Act cost an estimated $831 billion.
The nation spent 91% more than it collected in revenue, creating a $3.1 trillion deficit in fiscal year 2020. The federal debt grew to $26.9 trillion, $21 trillion of which is owed to the public.
Learn more about the US economy here.
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