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What did America spend so much money on to be in so much debt?
I'm completely ignorant when it comes to politics and government issues. Scold me all you want but I'm more interested in passing my Physics Intro class than what's on the news. But my mom made me watch the news today and the Federal gov might shut down???? I was wondering if anyone could tell me if we spent too much money on unecessary things to put us in so much debt and maybe name a few things so I can better understand. Thanks :D
7 Answers
- falsi fiableLv 71 decade agoFavorite Answer
Two wars: $3 trillion
Tax cuts for the wealthiest 1%: $1.5 trillion
Republicans want to gut the 14% of our budget that is discretionary while leaving tax cuts for the wealthy and defense/war spending off the table.
I'll tell you about the injustice of the American tax system. The working class pays more in taxes than the investment class.
Workers pay a marginal rate of 40.3% (25% federal, 15.3% FICA)
The wealthy investment class pays a marginal rate of 15% (15% capital gains taxes, near 0% Social Security and Medicare).
Ask yourself why workers are taxed at nearly triple the rate of investors.
- Little PrincessLv 71 decade ago
The entire defense department budget (not just the wars, but all military spending) is equivalent to 40% of the deficit. That means we could totally eliminate the military and that would only relieve 40% of the deficit. We'd still be adding more than $1 trillion to the national debt every year.
The biggest thing the government spends money on is social security, followed by defense, then by unemployment/welfare, and medicare/medicaid and other health spending round out the big gobblers of federal spending.
A large portion of the recent run up in the deficit comes from the plan to give a bunch of money to bankers and wall street people (tarp), jobs program for government employee union people (stimulus package), and bailing out chrysler & government motors.
- Anonymous1 decade ago
Iraq War Costing $720 Million Each Day
Source(s): Nothing else comes close to that much spending. - ethLv 44 years ago
The President hasn't wasted money. that's obvious which you don't be attentive to how law is written, and how spending is provided for. because you're blind to the main undemanding information, your existence is in for a bumpy holiday. "I truly have my very own perspectives on what led to extra debt from Obama's strikes yet i'm curious appropriate to something of the common public" I guess which you do not. you're basically a whiny conservative.
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- Anonymous1 decade ago
Don't listen to the other posters. Being in a massive amount of dept is normal for a country like the United States.
It's kinda like buying a house. No normal person can pay several hundred thousands dollars upfront to pay off a house. Buyers usually borrow money and then mortgage the loan during several years. Our country's debt is similar to the money people owe on their cars and houses, just multiplied to nation size.