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Inquiring minds are digging deep into a 266 page PDF called USA Inc. a basic summary of America's financial statements.
It is loaded with stunning graphs and charts on Social Security, Medicare, Medicaid, TARP Bailouts, Fannie Mae and Freddie Mac, military spending, tax revenues, and various projections. Here are a few images, but please give the document a closer look when you have a few moments.
Click on any chart to see a sharper image.
Cash Flow
Expenses at a Glance
Unfunded Liabilities
Federal Spending as Percent of GDP
Note this mess started with the creation of the Fed
Growth in Entitlement Spending
Take a step back, and imagine what the founding fathers would think if they saw how our country’s finances have changed. From 1790 to 1930, government spending on average accounted for just 3% of American GDP. Today, government spending absorbs closer to 24% of GDP.
Spending + Interest vs. Revenues
By 2025, entitlements plus net interest payments will absorb all – yes, all – of USA Inc.'s revenue, per CBO.
Less than 15 years from now, in other words, USA Inc. – based on current forecasts for revenue and expenses - would have nothing left over to spend on defense, education, infrastructure, and R&D, which today account for only 32% of USA Inc. spending, down from 69% forty years ago.
This critical juncture is getting ever closer. Just ten years ago, the CBO thought federal revenue would support entitlement spending and interest payments until 2060 – 35 years beyond its current projection.
To 25 Countries in Defense Spending
Entitlement Spending by Household
Medicaid Underfunding
When Medicaid was created in 1965 to provide health insurance to low income Americans, 1 in 50 Americans received Medicaid, now 1 in 6 Americans receives Medicaid.
Healthcare Spending
Social Security Workers vs. Retirees
Social Security Dependents
GSE, Fannie Mae, Freddie Mac Expansion
If that is not a shocking state of affairs, what is? There are lot more charts and graphs in the PDF.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List
It is loaded with stunning graphs and charts on Social Security, Medicare, Medicaid, TARP Bailouts, Fannie Mae and Freddie Mac, military spending, tax revenues, and various projections. Here are a few images, but please give the document a closer look when you have a few moments.
Click on any chart to see a sharper image.
Cash Flow
Expenses at a Glance
Unfunded Liabilities
Federal Spending as Percent of GDP
Note this mess started with the creation of the Fed
Growth in Entitlement Spending
Take a step back, and imagine what the founding fathers would think if they saw how our country’s finances have changed. From 1790 to 1930, government spending on average accounted for just 3% of American GDP. Today, government spending absorbs closer to 24% of GDP.
Spending + Interest vs. Revenues
By 2025, entitlements plus net interest payments will absorb all – yes, all – of USA Inc.'s revenue, per CBO.
Less than 15 years from now, in other words, USA Inc. – based on current forecasts for revenue and expenses - would have nothing left over to spend on defense, education, infrastructure, and R&D, which today account for only 32% of USA Inc. spending, down from 69% forty years ago.
This critical juncture is getting ever closer. Just ten years ago, the CBO thought federal revenue would support entitlement spending and interest payments until 2060 – 35 years beyond its current projection.
To 25 Countries in Defense Spending
Entitlement Spending by Household
Medicaid Underfunding
When Medicaid was created in 1965 to provide health insurance to low income Americans, 1 in 50 Americans received Medicaid, now 1 in 6 Americans receives Medicaid.
Healthcare Spending
Social Security Workers vs. Retirees
Social Security Dependents
GSE, Fannie Mae, Freddie Mac Expansion
If that is not a shocking state of affairs, what is? There are lot more charts and graphs in the PDF.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List
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