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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.
Spending then roughly stabilized at that dollar level for the remainder of his two terms. During 2015, the U.S. federal government spent $3.7 trillion, around the historical average relative to the size of the economy at 20.7% GDP. Projecting 2008 federal spending forward at the historical 5% rate, by 2015 it was $500 billion below trend.
During FY2018, the federal government spent $4.11 trillion, up $127 billion or 3.2% vs. FY2017 spending of $3.99 trillion. Spending increased for all major categories and was mainly driven by higher spending for Social Security, net interest on the debt, and defense. Spending as % GDP fell from 20.7% GDP to 20.3% GDP, equal to the 50-year average.
Between 2008 and 2009, the net worth of US households had recovered from a low of 3.55 times GDP to 3.75 times GDP, while nonfinancial business fell from 1.37 times GDP to 1.22 times GDP. [5] The net worth of American households and non-profits constitutes three-quarters of total United States net worth – in 2008, 355% of GDP.
That pushed 10-year US Treasury rates closer to the 5% level that many view as a dangerous red line. The higher rates climb, the more pressure they will put on stocks.
Under the United States budget process established in 1921, the US government is funded by twelve appropriations bills that are formed as a response to the presidential budget request submitted to congress in the first few months of the calendar year. The various legislators in the two chambers of congress negotiate over the precise details of ...
It's also much higher than the median net worth of $159,300 and the mean net worth of $385,400 for families with income between the 40th and 59.9th percentile of usual income.
A small portion of Americans earn salaries far beyond the national average. Discover how much income you need to be part of the top 10%, 5%, and 1%.