U.S. Defense Spending Relative to the G7
The U.S. has historically devoted a larger share of its economy to defense than other members of the G-7.
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The U.S. has historically devoted a larger share of its economy to defense than other members of the G-7.
Compensation and medical care make up about 40 percent of the defense budget.
https://www.pgpf.org/chart-archive/0216_compensation_defense_budget
By the Numbers: 2021 Trustees Reports.
https://www.pgpf.org/chart-archive/0321_trustees_reports_2021
The Social Security and Medicare Trustees released their annual reports, which show that these vital programs are on an unsustainable path.
https://www.pgpf.org/blog/2021/09/five-charts-about-the-future-of-social-security-and-medicare
Social Security is the largest single program in the federal budget and makes up approximately one quarter of total federal spending.
https://www.pgpf.org/budget-basics/how-does-social-security-work
The Social Security Trustees note that the Old-Age and Survivors Trust Fund is now expected to become depleted in 2033, compared to 2034 in last year’s report.
https://www.pgpf.org/blog/2021/09/social-security-and-medicare-are-facing-serious-shortfalls
“It makes no sense that we allow programs as essential as Social Security and Medicare to remain on such shaky and uncertain fiscal ground," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
The United States spent $725 billion on national defense during fiscal year (FY) 2020 according to the Office of Management and Budget, which amounts to 11 percent of federal spending.
https://www.pgpf.org/budget-basics/budget-explainer-national-defense
U.S. defense spending increased substantially from 2019 to 2020 relative to other countries.
National security is both a vital priority and a significant part of the federal budget.
https://www.pgpf.org/infographic/infographic-the-facts-about-us-defense-spending