Benefits for veterans and federal retirees: In 2022, about 7 percent of the budget provides benefits to veterans and former career employees of the federal government, both civilian and military, totaling $420 billion.While racial inequities continue to exist, a similar CBPP analysis shows that economic security programs noticeably reduce the racial and ethnic disparities among white, Black, and Hispanic households. ![]() And these programs reduced the extent of poverty for millions more, even when not bringing them above the poverty line. population would have had incomes below the poverty line in 2019 this was nearly double the poverty rate of 12.2 percent using the SPM. ![]() Not counting any government benefits and tax policies, 22.8 percent of the U.S. A forthcoming CBPP analysis using Census data and the Supplemental Poverty Measure (SPM), which accounts for government benefits and taxes, shows that economic security programs lifted 34 million people above the poverty line in 2019, including 6 million children. Such programs keep millions of people above the poverty line each year. Economic security programs include: the refundable portions of the Earned Income Tax Credit and Child Tax Credit, which assist low- and moderate-income working families programs that provide cash payments to eligible individuals or households, including unemployment insurance and Supplemental Security Income for low-income people who are elderly or disabled various forms of in-kind assistance for low-income people, including the Supplemental Nutrition Assistance Program (formerly known as food stamps), school meals, low-income housing assistance, child care assistance, and help meeting home energy bills and other programs such as those that aid abused or neglected children. Three other categories together account for one-quarter of spending:Įconomic security programs: About 11 percent (or $665 billion) of the federal budget in 2022 supports programs that provide aid (other than health insurance or Social Security benefits) to individuals and families facing hardship. About 95 percent of the spending in this category reflects the underlying costs of the Defense Department, largely for operations and maintenance military personnel procurement of weapons and research, development, testing, and evaluation. Defense: Another 13 percent of the budget, or $768 billion, will be paid for national defense activities.In 2022, 13 million of the 14.5 million people estimated to be enrolled in health insurance through ACA marketplaces received subsidies that lower their premiums and out-of-pocket costs, at an estimated cost of about $82 billion. (Both Medicaid and CHIP require states to pay some of their total costs.) In a typical month, Medicaid and CHIP provide health care or long-term care to about 87 million low-income children, parents, elderly people, and people with disabilities. The rest of this category funds the federal costs of Medicaid, CHIP, and ACA subsidy and marketplace costs. One-half of this amount, or $733 billion, goes to Medicare, which provides health coverage to around 80 million people who are aged 65 and older or have disabilities. Health insurance: Four health insurance programs - Medicare, Medicaid, the Children’s Health Insurance Program (CHIP), and Affordable Care Act (ACA) marketplace health insurance subsidies - together account for 25 percent of the budget in 2022, or $1.4 trillion.Social Security also expects to provide benefits to 3 million spouses and children of retired workers, 6 million surviving children and spouses of deceased workers, and 9 million disabled workers and their eligible dependents. Social Security: In 2022, 21 percent of the budget, or $1.2 trillion, will be paid for Social Security, which will provide monthly retirement benefits averaging $1,538 to 49 million retired workers.As the chart below shows, three major areas of spending make up the majority of the budget: ![]() The remaining amount will be financed by net borrowing. Of that $5.8 trillion, over $4.8 trillion is estimated to be financed by federal revenues. In fiscal year 2022, the federal government is estimated to spend $5.8 trillion, amounting to 23.5 percent of the nation’s gross domestic product (GDP).
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