The U.S. Congress sets a federal budget every year in the trillions of dollars. Few people know how much money that is so we created a breakdown of federal spending in simple terms. Let's put the 2011 federal budget into perspective:
U.S. income: $2,170,000,000,000
. Federal budget: $3,820,000,000,000
. New debt: $ 1,650,000,000,000
. National debt: $14,271,000,000,000
. Recent budget cut: $ 38,500,000,000 (about 1 percent of the budget)
It helps to think about these numbers in terms that we can relate to.
Therefore, let's remove eight zeros from these numbers and pretend this is the household budget for the fictitious Jones family:
. Total annual income for the Jones family: $21,700
. Amount of money the Jones family spent: $38,200
. Amount of new debt added to the credit card: $16,500
. Outstanding balance on the credit card: $142,710
. Amount cut from the budget: $385
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In 2009, 53% of tax payers, paid all of the taxes and the other 47% paid none.
The top 1% of income earners pay 40% of all the taxes.
The top 2% of income earners pay 50% of all the taxes.
In a 10 year period, ending in 2009, 8 out of 10 corporations paid no taxes and at the same time, some received subsidies from taxpayers.
If you cut out the Department of Defense Budget, which includes the entire military here and overseas, you would have 200 Billion left over after paying just the interest on out National Debt for one year.
If you took the entire salaries of the people who make $100,000 and up, you would have enough to operate the Federal Government for about 3 to 4 months.
If you took the entire profits of corporations, you could operate the Federal Government to about July of every year.
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