People keep referencing the kitchen table budgeting that our country needs to do to stop deficit spending. In that vein, I decided to see what the Federal budget that was just passed would look like in BudgetSimple:
As you can see, the Government is doing pretty decent in terms of income (all numbers in BILLIONS). They are making almost a trillion dollars in income by taxing the population. They get another 200 billion from taxing corporations. The remaining 1 trillion comes mostly from the money you (and your employer) pay in social security taxes, medicare taxes, etc and some bits come from customs duties.
However, as great as having an income of 2.2 trillion dollars sounds, BudgetSimple let s us know we are not spending our money in a responsible way exactly
You can see, the US Government needs to cut spending by 1.6 TRILLION dollars to make it s budget balanced. Think about that next time you are over budget!
Despite all the talk about entitlement programs causing our debt, you can see the biggest line item is defense spending (Security) at $908,000,000,000. The good news is the TARP program that bailed out banks is actually making us $28 billion this year!
Ooops.
