![]() As home prices and mortgage rates increase, home ownership is becoming an unrealistic dream for some. was $313,000-a figure that has since jumped by 40% to $436,800 today. Just before the pandemic, the average home price in the U.S. government to refinance its loans, a greater portion of the federal budget will need to be allocated to servicing debt, which will put a squeeze on other areas of spending. However, with interest rates on the rise again this year, servicing the existing national debt is becoming more expensive.Īnd eventually, when it comes time for the U.S. While overall debt is rising, the cost of servicing this debt has actually dropped in recent years thanks to record low interest rates. That includes intragovernmental holdings, which is about $6 trillion of debt owed within the government itself. national debt reached an all-time high of $28 trillion. According to the non-partisan Congressional Budget Office via AP News, the 2022 deficit is projected to drop to $1.15 trillion and will continue to decrease for the next three years. Spending is expected to curb further in 2022. Offsetting revenue collected but not attributed to functions Here’s a look at the full breakdown, and where spending was allocated last year: U.S. This was the second highest deficit on record, down from a peak of $3.1 trillion in 2020 during the height of the global pandemic.Īfter income and Social Security spending, health was the third-largest expenditure in 2021. federal spending was higher in 2021, which put the federal government in a budget deficit of $2.7 trillion. Government Revenue Sourceĭespite the trillions in revenue generated, like most years, U.S. Here’s a full breakdown of revenue sources in 2021: U.S. About half of it came from individual income taxes, while about 30% came from Social Security and Medicare taxes. government revenue totaled more than $4 trillion. federal spending in 2021, as well as a breakdown of where the money came from, using data from. ![]() This graphic by Truman Du shows a breakdown of U.S. Where was this money spent, and how much was covered by taxpayers’ dollars? government spent $6.8 trillion on various expenditures and government-aided programs.
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