Where does the federal gov t get its money amp how does the gov t spend it The Income Board lists the four major ways in which the federal gov t generates revenue to pay for programs ID: 339988
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Slide1
Government Revenues vs. Outlays
Where does the federal gov
’
t get its money & how does the gov
’
t spend it?
The
“
Income Board
”
lists the four major ways in which the federal gov
’
t generates revenue to pay for programs
Working with a partner, guess what percent each of the 4 categories makes up of the total gov
’
t revenue
Also, take a guess as to how much total money the U.S. gov
’
t collected in 2010Slide2Slide3
Government Revenue (FY2010)
Income Category
Total (Billions)
Percent
Individual Income Taxes
899
41.6%
Corporate Income Taxes
191
8.8%
Social Insurance
Taxes & Contributions
865
40%
Other Taxes
207
9.6%
Total
2.162 trillionSlide4
Government Revenues vs. Outlays
Where does the federal gov
’
t get its money & how does the gov
’
t spend it?
The
“
Spending Board
”
lists the nine major programs on which the federal gov
’
t spends money
Working with a partner, guess what percent each of the 9 categories makes up of the total gov
’
t spending
Also, take a guess as to how much total money the U.S. gov
’
t
spent
in 2010Slide5Slide6
Government Spending (FY2010)
Spending Category
Total (Billions)
Percent
Defense
696
20%
Education
125
4%
Interest on debt
197
6%
Foreign Aid
45
1%
Social Security
707
21%
Welfare & Income Security
624
18%
Health
835
24%
Other
180
5%
Environmental Protection
47
1%
Total
3.456 trillionSlide7
The 2010 Deficit
Gov
’
t Outlays (Spending) — $
3.456 trillion
Gov
’
t Revenue (Income) $
2.162 trillion
Gov
’
t Deficit
=
$
1.294 trillionSlide8
The federal deficit in 2010 was
$1.294 trillionSlide9
As of 2011, the National Debt is
$14.38 trillion
http://www.usdebtclock.org/
Slide10
What is a trillion dollars?
A packet of one hundred $100 bills is less than 1/2″ thick and contains
$10,000
. Fits in your pocket easily and is more than enough for week or two of shamefully decadent fun.Slide11
Believe it or not, this next little pile is
$1 million dollars
(100 packets of $10,000). You could stuff that into a grocery bag and walk around with it.Slide12
While a measly $1 million looked a little unimpressive,
$100 million
is a little more respectable. It fits neatly on a standard pallet…Slide13
And
$1 BILLION dollars
… now we
’
re really getting somewhere…Slide14
Next we
’
ll look at
one trillion dollars
. This is that number we
’
ve been hearing so much about. What is a trillion dollars?
It
’
s a million million. It
’
s a thousand billion. It
’
s a one followed by 12 zeros.Slide15Slide16
Currently, the
largest problem in Europe is the debt crisis
A growing number of European nations are unable to pay their debts
Since 2010,
Greece, Italy, Ireland, Spain, & Portugal received bailouts from European gov'ts