Let’s say you were a financial adviser, and a family came to you with the following situation.
They make the median family income in the United States—$52,000. But last year they spent $61,000. That’s right, $9,000 more than they’re making, and it all went on the family credit card. That’s bad enough, but then you find out they already have $311,000 in debt. Would you say they have a problem?
I wish I could say this family was made up. Actually, this particular household isn’t real. But the “family” in this scenario is the federal government, and the amounts at stake are in the billions, not the thousands. The ratio of overspending, however, is accurate. So is the fact that the money they’re being so careless with is our tax dollars.
Ever wonder how a dollar of federal spending breaks down? Do you know what amount goes where? With tax season in full swing and Congress trying to agree on a new budget, it’s a good question to ask. You can find the answer, at least in broad strokes, in a new chart from The Heritage Foundation’s 2015 Federal Budget in Pictures.