Where Does The Money Go?
The Pew Research Center recently surveyed Americans on their knowledge of issues in the news and government spending. While folks are paying close attention to the big issues of the day, when it comes to where the federal government spends its money, there's a problem:
"Pew asked respondents which program the government spent the most money on: Social Security, transportation, foreign aid, or interest on the national debt.
"The most popular answer was foreign aid at 33 percent, followed by interest on the debt, at 26 percent. Twenty percent named Social Security, and an additional 4 percent named transportation."
The truth is far different:
"Social Security is the largest item in the list by far, at $773 billion in spending in fiscal year 2012. That's roughly 17 times the annual spending on foreign aid, 8 times the amount spent on transportation, and 3.5 times the amount spent on net interest on the debt."
Entitlement spending is unquestionably out of control. It has been made even worse by obamacare">Obamacare. And as for interest on the national debt . . . that, too, will get worse if interest rates return to pre-crash levels.
The federal government is spending money it doesn't have. That can only go on so long as other people and governments are willing to buy its debt. If they decide to stop buying, we're all going to feel the pain.