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Government Spending: If Trump Can Stimulate the US Growth Rate, Tax Increases Could Help Reduce the Deficit, Subject to the Impact of Tax Reductions.

Armchair Politician, March 3, 2017, Brad Peery, ArmchairPolitician.US

Spending Overview from the US Budget for fiscal 2017

  • Spending on Social Security, unemployment, and labor is estimated to be about 36% of all outlays in 2017. This is greater than average when compared to budgets from other years. (Average proportion = 35%)
  • Medicare and general health spending is estimated to be about 28% of all outlays that year. This is one of the highest proportions spent when compared to budgets from other years. (Average proportion = 14%)
  • Spending on national defense is estimated to be about 15% of all outlays that year. This is less than average when compared to budgets from other years. (Average proportion = 22%)
  • As for spending on net interest, the government estimates it will dedicate about 7% of all its outlays that year to paying down its accumulated debt. This is less than average when compared to budgets from other years. (Average proportion = 8%)
  • All other programs (agriculture, energy, commerce and housing credit, community and regional development, etc.) in 2017 are estimated to make up approximately 14% of national spending.

Total Spending is forecasted to be $4,089 billion in fiscal 2017. Social Security is expected to be 967 billion, or 23.7% of the spending budget, and a 4.7& increase from fiscal 2016. Medicare is $602 million, or 14.7%, and a 2.2% increase from fiscal 2016, while Medicaid is $377 billion, or 9.2% of the budget, and a 2.7% increase from fiscal 2016. Other mandatory spending is $529 billion, or 14.3%. With defense being $583 billion, or 15.8%, that leaves only $581 billion, or 15.8% of discretionary spending that can be reduced through budget

Cuts.

Armchair Politician Opinion: Hypothetically, a 10% reduction in discretionary spending could save $58 billion. Increasing the real growth of GDP to 3.2%, and increasing the inflation rate to 2% could generate over 5% growth of US taxes, before the proposed Trump tax cuts. Social Security increases could be covered, and Medicare and Medicaid could decline about 2-3% each as a percentage of US government spending.

ArmchairPolitician.US Will Address the Trump Tax Cuts in a Later Blog.

2 comments to Government Spending: If Trump Can Stimulate the US Growth Rate, Tax Increases Could Help Reduce the Deficit, Subject to the Impact of Tax Reductions.

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      In any case, thanks also for your interest in ArmchairPolitician.US, and our present and future posts. We intend to continue to post a new blog 3-4 days per week.

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