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Total net social spending in terms of percent of GDP, takes into account public and private social expenditure, and also includes the effect of direct taxes (income tax and social security contributions), indirect taxation of consumption on cash benefits, as well as tax breaks for social purposes. [1]
The US government's Bureau of Economic Analysis as of Q3 2023 estimates $10,007.7 billion in annual total government expenditure and $27,610.1 billion annual total GDP which is 36.2%. [1] This government total excludes spending by "government enterprises" which sell goods and services "to households and businesses in a market transaction."
In addition to government expenditures, private welfare spending, i.e. social insurance programs provided to workers by employers, [10] in the United States is estimated to be about 10% of the U.S. GDP or another $1.6 trillion, according to 2013 OECD estimates. [11]
Over the last 30 years, the nation's debt has skyrocketed from almost $10 trillion in 1994 to over $35 trillion in 2024, according to recent data from the Department of the Treasury. The federal ...
Global map of total central government revenues, as share of GDP, 2022 [1] Global map of total central government expenditures, as share of GDP, 2022 [2] This is the list of countries by government budget. The list includes sovereign states and self-governing dependent territories based upon the ISO standard ISO 3166-1.
As the co-heads of the newly created Department of Government Efficiency, or DOGE, billionaires Elon Musk and Vivek Ramaswamy are promising to slash at least $2 trillion from the federal budget.
This is currently over half of U.S. government spending, the remainder coming from state and local governments. During FY2022, the federal government spent $6.3 trillion. Spending as % of GDP is 25.1%, almost 2 percentage points greater than the average over the past 50 years.
The aim of the commission is to cut government spending. The US spent $6.75 trillion in fiscal year 2024, with Social Security and health topping the list. President-elect Donald Trump has ...