Where's The Pork? | OpenTheBooks Oversight Report 4_Pork

June 23, 2022 07:27 AM






1. Federal spending is out of control — while federal tax revenue is more than $4 trillion, federal spending is more than $6 trillion, leaving a $2 trillion deficit.


2. The national debt is more than $30 trillion as of April 2022.


3. That’s $91,353 debt per citizen; $242,501 per taxpayer.


4. The U.S. federal debt-to-GDP ratio has grown over the years. In 2000, it was 58 percent. In April 2022, it’s almost 126 percent.


5. The largest areas of spending are on Medicare/Medicaid ($1.3 trillion), social security ($1 trillion), defense/war ($725 billion), and sadly, interest on debt ($431 billion).


6. Medicare and social security are severely underfunded, $34 trillion and $22 trillion, respectively, in long-term unfunded liabilities.


7. The U.S. unfunded liabilities are $123 trillion. That works out to $507,589 of liability per citizen. (Source: Truth In Accounting).


8. Americans themselves aren’t doing much better than the government. They have $1.7 trillion in student loan debt ($39,699 per student) and $1 trillion in credit card debt ($6,458 per holder).


9. This out-of-control spending hasn't solved social problems: almost 40 million people are living in poverty, almost 42 million receiving food stamps, 27 million without health insurance, almost half a million bankruptcies and almost 63,000 foreclosures.


10. Wasteful spending will continue as long as lawmakers have no direct repercussions for voting on pork or misspending taxpayer money.


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