Where taxes came from in 2020
The federal government collects revenue from a variety of sources.
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The federal government collects revenue from a variety of sources.
Prior to the Great Depression deficits were unusual in the U.S. Budget. Surpluses occurred in about two-thirds of the years between 1800 to 1929.
https://www.pgpf.org/chart-archive/0023_federal-deficit-surplus
U.S. dependency on foreign lenders to finance the public debt has risen sharply.
https://www.pgpf.org/chart-archive/0057_foreign-holders-debt
Recessions and countercyclical policies generally increase deficits, but deficits tend to diminish during and after recoveries.
https://www.pgpf.org/chart-archive/0307_deficits_and_recessions
Medicare and Medicaid account for the majority of federal healthcare spending
https://www.pgpf.org/chart-archive/0169_federal_health_spending_composition
“This new CBO report shows that our national debt will reach a record level over the next decade," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today following the release of the Monthly Treasury Statement, which showed a deficit of $234 billion.
The United States is on pace to lead the world in debt increase as a percentage of GDP.
https://www.pgpf.org/chart-archive/0310_us_lead_world_debt_increase