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File:Federal Spending - Cause of Change 2001 to 2009.png

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Description
English: United States Federal spending as % of GDP - Cause of change from 2001 to 2009

Sources

The U.S. federal budget was last balanced in FY2001. Spending was 18.2% of GDP. It has since risen to 24.7% of GDP, a change of 6.5%. The major change categories, according to the CBO historical tables:[1]

  • Medicare & Medicaid: +1.7% GDP. Increases were driven by demographic shifts of an aging population and annual healthcare cost increases in the 7-9% range.
  • Defense: +1.6% GDP. Increases were driven by a doubling of defense spending in dollar terms, for both the baseline defense budget and Iraq/Afghanistan Wars.[2]
  • Social Security: +0.6% GDP. Increases are driven by demographic shifts of an aging population creating more beneficiaries and annual cost of living adjustments.
  • Income Security: +1.4% GDP. This includes food stamps, unemployment compensation, foster care, other retirement and disability. This has increased significantly due to the subprime mortgage crisis.
  • Other: +1.2% GDP. This includes non-defense discretionary spending increases (e.g., Cabinet Departments) and other mandatory spending (e.g., stimulus, bailouts) due to the crisis.

References

  1. ↑ CBO-Historical Tables
  2. ↑ DOD-Defense Spending Trend Chart-May 2009
Date
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I (Farcaster (talk)) created this work entirely by myself using CBO data.
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Author Farcaster at en.wikipedia

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current12:11, 16 November 2011Thumbnail for version as of 12:11, 16 November 2011960 × 720 (21 KB)SreeBot
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