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8 Comments
Source: USAFacts aggregation of data from Office of Management and Budget (OMB), the Census Bureau, and the Bureau of Economic Analysis (BEA)
Tools: Excel, Illustrator
Charts are shown to scale for comparison. Numbers may not add due to rounding.
Note: The cost of President Biden’s original student loan forgiveness executive order appeared as spending in the FY 2022 budget, but that anticipated spending was reversed in the FY 2023 budget after the Supreme Court’s ruling that it was unconstitutional. As a result, total federal education spending in the FY 2023 budget was negative.
This chart is pulled from our [America in Facts 2024](https://usafacts.org/reports/annual-report/) report.
We recommend zooming in! This updated version of the [chart we shared last year](https://www.reddit.com/r/dataisbeautiful/comments/17gzbhj/the_united_states_federal_government_spent_64/) has a few notable differences, like a rare instance of negative spending in a Sankey chart due to the Supreme Court ruling against President Biden’s student loan forgiveness plan.
More on last year’s federal revenue and spending:
The federal government collected nearly $4.5 trillion in revenue in FY 2023. Nearly half (49%) was collected through individual income taxes, while 37% was through payroll taxes. Other revenue sources included corporate income taxes, customs duties, and sales taxes. Federal revenue decreased 15% in FY 2023 but remained 8% higher than in FY 2019. The drop was due to lower revenue from individual income taxes (partly due to lower capital gains income) and non-tax sources. Non-tax sources include Federal Reserve earnings and proceeds from selling government resources.
The federal government spent almost $6.2 trillion in FY 2023, including transfers to states. Social Security (22%), transfers to states and local governments (18%), and defense and veterans (18%) accounted for more than half of spending. Federal spending decreased by 8% in FY 2023, the second year of decreased spending since a record high in FY 2021. Federal spending remained 16% above that of FY 2019.
The cost of President Biden’s original student loan forgiveness executive order appeared as spending in the FY 2022 budget, but that anticipated spending was reversed in the FY 2023 budget after the Supreme Court’s ruling that it was unconstitutional. As a result, total federal education spending in the FY 2023 budget was negative.
What’s the $92 billion labeled “Banking and Finance” for?
Well done! It was entertaining to follow along the graphic.
Would be better visual representation if it was proportional. The left and right side should be equal sizes.
So this is what $1.80 for every $1.00 in taxes looks like. Love the graphics.
That’s a whole lotta interest.
Glad to know the federal government is leading by example in this respect. If Uncle Sam can live on debt so can we!
If you want to know how much YOU spent for each one $billion spent by the government, take how much you paid in Fed income tax last year (add SS tax if you want), and divide it by 6200 or ~6k.
So for and $18k tax payment, you are spending $18k/6k ~ $3 per billion.
So, the $25B NASA budget cost you $75. The $10B NSF budget, $30. The $860B Defense budget, $2580.
This money is all spent in YOUR name so make sure you vote if you care about HOW it gets spent.