ECONOMICS
FISCAL POLICY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Interest on the federal debt
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The military
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Entitlement programs such as Social Security and Medicare
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Education
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Detailed explanation-1: -The largest slice of operational costs were vendor payments for medical care, which totaled $639 billion dollars in 2020, or 81 percent of all state and local public welfare spending.
Detailed explanation-2: -Major expenditure categories are healthcare, Social Security, and defense; income and payroll taxes are the primary revenue sources.
Detailed explanation-3: -However, the level of state spending and taxes, as a share of GDP, has risen from about 12–13% to about 20% of GDP over the last four decades. The four main areas of federal spending are national defense, Social Security, healthcare, and interest payments, which together account for about 70% of all federal spending.
Detailed explanation-4: -19 % Social Security. 15 % Health. 14 % Income Security. 12 % National Defense. 12 % Medicare. 11 % Education, Training, Employment, and Social Services. 8 % Net Interest. 4 % Veterans Benefits and Services. More items