We learned last month that you can’t stop the federal government … nor can you (in the words of the sports cliché) “hope to contain it.”
Even during the so-called “shutdown,” 83 percent of the federal government kept humming along like nothing happened.
Because nothing did happen.
Anyway, this week the U.S. Treasury – which views any interruption of any government expenditure as an apocalyptic event – released its FY 2013 outlays. For those of you educated in South Carolina government-run schools, that means it told us what it spends our money on.
Why release this info now? Because the federal government’s fiscal year ends each year on September 30 … not December 31.
At just under $900 billion annually, the top item on the list was spending on Medicaid and Medicare – which was up from roughly $830 billion last year. Next up was the roughly $860 billion spent on Social Security payments – also up around $50 billion from last year. Defense spending came in third at just over $600 billion – down from around $640 billion the previous year.
The fourth largest spending category? Interest payments on our mushrooming national debt – which stood at $400 billion. That’s down from roughly $460 billion a year ago, but still more than 10 percent of the total federal budget.
Which is totally unacceptable …
Also unacceptable? Another $680 billion in deficit spending was approved during FY 2013 … on top of the $5 trillion in new debt accumulated through the first four years of the Obama administration.
Courtesy of the U.S. Treasury (via Zero Hedge), here’s a chart which shows the raw data from 2013 and 2012.
(Click to enlarge)