The following chart from today's TBAC presentation slidedeck should put to bed all debate of not only what the US government spends its money on (of which about half is generated through tax collection and half is borrowed primarily from either China or the Fed), but also what the trends in current year spending are compared to 2011. In summary: of the 4 biggest categories HHS (Medicare & Madicaid), Social Security or together Welfare, Treasury and Defense, Welfare is higher, Treasury is higher, and Defense is not only lower, but has lost to Treasury as the third biggest expense category year to date.
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