The US government collected $4.92 trillion in revenue in fiscal year 2024, primarily through taxes. This revenue was used to fund a variety of programs and services, including funding for programs required by law, such as Social Security and Medicare. Funds are also allocated annually by Congress and the President for federal agencies and programs like transportation, education, and defense. Payments are made on the incredible amount of money borrowed by the government, but they barely make a dent in the total debt.
In addition to taxes, the government also generates revenue through fees, interest, and the sale of resources.
Meanwhile, In fiscal year (FY) 2024, the government spent $6.75 trillion, which was more than it collected (revenue), resulting in a deficit of nearly
$ 3,000,000,000,000.00. Yes - that's three trillion dollars...
on the blog, I get credit for whatever you buy.
Granted, it's only pennies, but every penny hepls, right?
A trillion here, a trillion there and pretty soon you're talking real money. Meanwhile most Americans are having trouble making ends meet.
ReplyDeleteAnd king trump is gonna increase that a lot more with his big beautiful bill, awesome stuff.
ReplyDelete