The numbers are so large, it’s hard to wrap your head around them sometimes…
The U.S. national debt now stands at over $35 trillion, equating to approximately $106,000 per person.
The debt continues to rise due to structural factors such as an aging population, increasing healthcare costs, and insufficient tax revenues, contributing to ongoing budget deficits.
And especially concerning to many investors and ordinary Americans, interest on the debt is becoming one of the fastest-growing components of federal spending, further stressing the fiscal outlook.
In the above slides, we’ll walk through the various department spending the most money. For this data set, we’ll be looking at the numbers provided by the U.S. Treasury for August 2024.
Overall, in August, the federal government ran a budget deficit of $380 billion, a stark contrast to the $89 billion surplus in August 2023. However, the jump can be easily explained. This shift was largely due to two key factors: a $330 billion reduction in outlays in 2023 related to the Supreme Court’s decision on student debt cancellation and a timing shift in payments to August 2024. Adjusting for these factors, the deficit was $58 billion higher than the previous year.
As you’ll see in the slide, the outlays totaled $687 billion – so let’s take a look at the specific departments doing the spending.
Executive Office of the President
• August Outlay (in millions): 74
Small Business Administration
• August Outlay (in millions): 222
General Services Administration
• August Outlay (in millions): 234
Department of the Interior
• August Outlay (in millions): 359
Legislative Branch
• August Outlay (in millions): 593
Judicial Branch
• August Outlay (in millions): 889
Corps of Engineers
• August Outlay (in millions): 1,058
National Science Foundation
• August Outlay (in millions): 1,058
Environmental Protection Agency
• August Outlay (in millions): 1,342
Department of Commerce
• August Outlay (in millions): 1,434
International Assistance Programs
• August Outlay (in millions): 1,771
National Aeronautics and Space Administration
• August Outlay (in millions): 2,155
Department of State
• August Outlay (in millions): 3,425
Department of Justice
• August Outlay (in millions): 3,661
Independent Agencies
• August Outlay (in millions): 4,419
Department of Energy
• August Outlay (in millions): 4,545
Department of Housing and Urban Development
• August Outlay (in millions): 6,134
Department of Homeland Security
• August Outlay (in millions): 6,890
Office of Personnel Management
• August Outlay (in millions): 9,686
Department of Transportation
• August Outlay (in millions): 11,242
Department of Labor
• August Outlay (in millions): 11,437
Other Defense Civil Programs
• August Outlay (in millions): 11,865
Department of Agriculture
• August Outlay (in millions): 14,990
Other from the Department of the Treasury
• August Outlay (in millions): 15,423
Department of Education
• August Outlay (in millions): 38,894
Department of Veterans Affairs
• August Outlay (in millions): 45,267
Department of Defense–Military Programs
• August Outlay (in millions): 78,749
Interest on Treasury Debt Securities (Gross)
• August Outlay (in millions): 92,293
Social Security Administration
• August Outlay (in millions): 134,485
Department of Health and Human Services
• August Outlay (in millions): 201,788
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
The post The US National Debt Is Surging – but Where Exactly Is That Money Going? appeared first on 24/7 Wall St..