Knoema.com - Budget http://knoema.es 2023-01-30T13:51:10Z /favicon.png Knoema es su Autopista personal hacia el conocimiento The Expensive US Federal Debt //knoema.es/myoqwkf/the-expensive-us-federal-debt 2023-01-30T13:51:10Z Misha Gusev knoema.es://knoema.es/user/1000560
The Expensive US Federal Debt

(January 2023) The cost to finance the US growing public debt is rising as the Federal Reserve raised interest rates to combat the inflation. In 2022 the Federal Reserve lift rates from almost zero to 4.5%, which makes it that much more expensive to finance the US debt.During 2022, the federal government made $710 billion in interest payments, up from $580 billion the prior year, according to the US Bureau of Economic Analysis (BEA). For context, that’s more than the government spent on education and social services. And it’s nearly as much as the $755 billion spent on education or $767 billion spent on national defense.The surging cost to service the US $31.4 trillion debt leaves less room for Government to spend on other priorities, including everything from infrastructure and the education and healthcare to the national defence.Other economic indicators show that the debt burden has not crossed the unsustainable level. For example, share of interest payments to current federal budget expenditures went up to 13.8% in Q4 2022. However, during three decades in 1970s, 80s and 90s share of spending on interest payments stood between 14 and 22% of current total expenditures.Data on government receipts and expenditures shows that the Federal budget deficit is narrowing. In 2022 Federal budget deficit lowered to $1.4 trillion or 5.4% of GDP, compared to $2.8 trillion (11.9% of GDP) a year ago. The U.S. economy finished 2022 in solid shape and if the economic growth will not turn negative in 2023, debt service will stabilise. 

Misha Gusev knoema.es://knoema.es/user/1000560
Can 3 & 1 Merge? | Divergent Priorities Derail US Fiscal Stimulus //knoema.es/dlxemb/can-3-1-merge-divergent-priorities-derail-us-fiscal-stimulus 2022-11-26T06:47:35Z Misha Gusev knoema.es://knoema.es/user/1000560
Can 3 & 1 Merge? | Divergent Priorities Derail US Fiscal Stimulus

(9 August 2020)  On the heals of the record drop in US GDP during the second quarter, it is evident that US economic recovery during the COVID pandemic will be slow going and determined in part by the future of new stimulus for households and businesses. Even though the US Government's first rounds of fiscal stimulus already expired in late July, democrats and republicans as of last week were no closer to a new stimulus agreement. Over the weekend, President Trump signed executive orders to reinstate some benefits, leaving US state governments with the challenge of financing unfunded benefits for millions of Americans.   With democrats and republicans also tying in unrelated benefits to the deal, the question becomes not only under which terms will they finally sign a deal, but will it be too late for millions of Americans, and what will be the economic cost? The US Government and Federal Reserve have already deployed a wide package of stimulus estimated at 27 percent of GDP (13.3% of fiscal stimulus and 13.9 percent of monetary stimulus - almost $6 trillion combined). Following are the high level values of proposals for the next stimulus package, with more details provided for each in the charts below:The democratic proposal would cost an estimated$3.4 trillion (16% of GDP) while the republican package is priced at $1 trillion (5% of GDP).The two parties disagree over a wide range of issues, including: the amount of extra weekly unemployment insurance payments; liability protections for corporations,  doctors, and schools; aid for cash-strapped states and municipalities; and, funds needed to reopen schools.Both parties are pointing to the state of the US labor market and uncertainties around COVID-19 pandemic dynamics to strengthen their negotiation positions.

Misha Gusev knoema.es://knoema.es/user/1000560
U.S. Federal Government Deficit in September 2022 //knoema.es/wttolqg/u-s-federal-government-deficit-in-september-2022 2022-10-25T12:58:05Z Misha Gusev knoema.es://knoema.es/user/1000560
U.S. Federal Government Deficit in September 2022

According to the U.S. Department of the Treasury the federal government ran a deficit of $431 billion in September 2022, the final month of FY2022. This deficit was the difference between $488 billion in revenues and $919 billion in spending. Receipts were up by $28 billion (6%), and outlays were up by $394 billion (63%) compared to September 2021. Timing shifts did move some payments to September that otherwise would have been paid in October (i.e., FY2023), contributing to the higher-than-expected deficit last month. More significantly, the Biden Administration’s announcement of a continued repayment pause on and forgiveness of federal student loan payments caused September’s deficit to be much higher than forecasted. Since federal accounting rules require these changes to be a one-time charge to the government, estimated costs of $426 billion were recorded by the federal government in September. In fact, student loan forgiveness was the single largest contribution to increased federal spending – and the deficit – in September (and in FY2022 overall), accounting for $379 billion. Given the sizeable impact of these one-time policy changes, it is difficult to discern year-over-year major trends for the month of September.

Misha Gusev knoema.es://knoema.es/user/1000560
US Budget: Federal Debt Held by the Public //knoema.es/ssuvmgc/us-budget-federal-debt-held-by-the-public 2022-06-02T06:50:17Z Alex Kulikov knoema.es://knoema.es/user/1847910
US Budget: Federal Debt Held by the Public

Revenues by Major Source | Outlays by Type of Spending | Budget Deficits and Surpluses | Social Insurance Tax Revenues| Federal Debt Held by the Public

Alex Kulikov knoema.es://knoema.es/user/1847910
US Federal Budget: Revenues by Major Source //knoema.es/laapjv/us-federal-budget-revenues-by-major-source 2022-06-02T06:50:17Z Alex Kulikov knoema.es://knoema.es/user/1847910
US Federal Budget: Revenues by Major Source

Revenues by Major Source | Outlays by Type of Spending | Budget Deficits and Surpluses | Social Insurance Tax Revenues | Federal Debt Held by the Public

Alex Kulikov knoema.es://knoema.es/user/1847910
US Federal Payments for Individuals by Major Program //knoema.es/ckfkiyf/us-federal-payments-for-individuals-by-major-program 2022-04-05T16:04:24Z Alex Kulikov knoema.es://knoema.es/user/1847910
US Federal Payments for Individuals by Major Program

Alex Kulikov knoema.es://knoema.es/user/1847910
US Budget: Outlays by Type of Spending //knoema.es/laewwdf/us-budget-outlays-by-type-of-spending 2021-02-18T12:01:07Z Alex Kulikov knoema.es://knoema.es/user/1847910
US Budget: Outlays by Type of Spending

Revenues by Major Source | Outlays by Type of Spending | Budget Deficits and Surpluses | Social Insurance Tax Revenues | Federal Debt Held by the Public

Alex Kulikov knoema.es://knoema.es/user/1847910
QuERI | The US Federal Debt Outstanding is Just a Number - 27 and 12 Zeros //knoema.es/pkahmsc/queri-the-us-federal-debt-outstanding-is-just-a-number-27-and-12-zeros 2021-02-15T06:10:30Z Misha Gusev knoema.es://knoema.es/user/1000560
QuERI | The US Federal Debt Outstanding is Just a Number - 27 and 12 Zeros

(02 February 2021) Based on the original paper by Dr. David L. Blond, Principle Researcher and President, QuERI-International. The views expressed are those of the author(s) and do not necessarily represent the views of Knoema Holdings and its Executive Board. In November 2020, US voters went to the ballot box and sent a Democrat back into the White House to stare down a federal deficit that grew under President Trump from $19 trillion in January 2016 to more than $27 trillion the day that Joe Biden was inaugurated. As you can imagine, the deficit hawks are out in force once again. The usual argument against more deficit spending, even in the midst of a disaster like the COVID-19 shutdown and prevailing economic conditions, is that the US can’t afford to spend that kind of money.   For true deficit hawks it’s this idea of repaying the debt, of the burden on future generations, that leads to the ideal of fiscal conservatism. So, let’s pull that thread, as they say: If the United States were to adopt that logic and start down this repayment path, given the way the US allocates discretionary and non-discretionary expenditures, what options are available today?The US Department of Defense is the largest single discretionary expenditure in the Federal budget, a $750 billion budget item and growing. If you were to cut that in half and use the savings to pay down debt, in addition to trimming around the edges of discretionary social programs to the tune of another $25 billion, you could maybe net $325 billion to pay down the debt (after accounting for social assistance for jobs lost to cuts in the defense sector.) But this is not enough to slow the increase in the size of the debt outstanding because we still have to pay interest.  If we turn to non-discretionary spending, we find that most of the money for Medicare and Medicaid goes to the oldest and frailest and the most costly to keep alive. So, what, we'd phase out government payments for people over 85? Gradually raise the retirement age and collect social security payroll taxes on all income earned without a cap, not cutting taxes? It is interesting how when you start to study the debt question and pull in the details over the past 40 years of debt, GDP, and interest rates, and match it against who was the US President at the time, everything becomes much clearer. So, too, does an essential point about the debt overhang and what it does or does not mean for an economy like the United States. Rather than focus on debt, we should also consider the relative usefulness of deficit spending, e.g the relative value of each dollar of debt to the change in GDP. Failure to spend is very likely more dangerous than spending too much. 

Misha Gusev knoema.es://knoema.es/user/1000560
US Budget: Social Insurance Tax Revenues //knoema.es/ryniegd/us-budget-social-insurance-tax-revenues 2020-11-11T06:44:49Z Alex Kulikov knoema.es://knoema.es/user/1847910
US Budget: Social Insurance Tax Revenues

Revenues by Major Source | Outlays by Type of Spending | Budget Deficits and Surpluses | Social Insurance Tax Revenues | Federal Debt Held by the Public

Alex Kulikov knoema.es://knoema.es/user/1847910
US Budget: Deficits and Surpluses //knoema.es/vkhtrbd/us-budget-deficits-and-surpluses 2020-11-11T06:44:07Z Alex Kulikov knoema.es://knoema.es/user/1847910
US Budget: Deficits and Surpluses

Revenues by Major Source | Outlays by Type of Spending | Budget Deficits and Surpluses | Social Insurance Tax Revenues| Federal Debt Held by the Public

Alex Kulikov knoema.es://knoema.es/user/1847910
Majority of US Federal COVID-19 Funds Were Employment Centric //knoema.es/tldfedf/majority-of-us-federal-covid-19-funds-were-employment-centric 2020-10-22T02:51:04Z Alex Kulikov knoema.es://knoema.es/user/1847910
Majority of US Federal COVID-19 Funds Were Employment Centric

(21 October 2020) The COVID-19 pandemic has had a profound impact on the US economy, as with many other economies globally. Immediately after the outbreak began, the US unemployment rate increased quickly to 15 percent in April 2020 and did not peak until May (17%). To respond to this and other economic impacts of the coronavirus pandemic, US federal authorities approved a variety of financial assistance programs for individuals and businesses. Below we provide quick access to the key figures summarizing funding levels for each program—spoiler alert wage protection and replacement programs represented a majority of funding—distribution among the US states, and snapshots of funding per state relative to COVID-19 case volume.   In net, the federal government allocated $1.7 trillion as of October 14, 2020, roughly 50 percent of which was directed toward employees, including paycheck protection program, unemployment compensation, and unemployment assistance. State level data shows a clear relationship between federal assistance and COVID-19 case volume, which is unsurprising given the employment (i.e. economic) support focus of the majority of the funds. California received the highest amount of funding—just over $242 billion—followed by New York and Texas at $139 and $129 billion, respectively. States with the fewest relative number of COVID-19 cases per million received the same funding per capita, on average. The smallest amount of funding went to Vermont and Wyoming, which had the lowest numbers of coronavirus cases in the country as of October 20, 2020. 

Alex Kulikov knoema.es://knoema.es/user/1847910
Fiscal Response to Coronavirus and New Debt Normal //knoema.es/dtjvlrg/fiscal-response-to-coronavirus-and-new-debt-normal 2020-10-11T10:56:55Z Misha Gusev knoema.es://knoema.es/user/1000560
Fiscal Response to Coronavirus and New Debt Normal

Worldwide lockdown measures in response to coronavirus have disrupted economic activity resulting in millions of job losses and bankruptcies. To soften the effects of the economic downturn, governments have announced and are implementing a variety of fiscal measures. Fiscal stimulus, whether in the form of additional government expenditures or deferral of certain payments (like taxes and social security contributions), immediately increases countries' budget deficits and are financed through a buildup of public debt. Other measures like government guarantees, liquidity assistance, and credit lines might not weaken the budget balance immediately but create contingent liabilities which might turn into actual expenses either in 2020 or later. COVID-19 fiscal measures may in some cases threaten the economic recovery of some of the hardest hit countries while also resetting what's considered 'normal' public debt burdens and the resulting assessments of economic and investment risk.Germany and Italy have provided the largest fiscal support to households and businesses among European countries, with the total stimulus estimated at 21% and 17% of GDP, respectively. Accounting for government guarantees and other liquidity assistance, the figures jump to almost 50% of GDP.  Adding in Italy's latests measures, its debt may reach more than 180% of GDP.  Given that Italy is one of the nations worst hit by the global coronavirus pandemic, the increased debt burden will significantly hinder economic recovery.According to estimates from Bruegel, a European economic think tank, in the United States and the largest European economies, fiscal responses that immediately increased public debt varies from 4% to almost 20% of 2019 GDP.  If these fiscal stimulus measures transform into government debt, the world's largest economies are poised to move into a new normal for public debt in excess of 100% of GDP leading to many years of austerity in fiscal policy.

Misha Gusev knoema.es://knoema.es/user/1000560
Fiscal Accounts //knoema.es/xethtmg/fiscal-accounts 2019-10-24T18:09:43Z Misha Gusev knoema.es://knoema.es/user/1000560
Fiscal Accounts

Misha Gusev knoema.es://knoema.es/user/1000560
Zimbabwe Fiscal Accounts //knoema.es/oaousrf/zimbabwe-fiscal-accounts 2019-10-24T18:09:36Z Misha Gusev knoema.es://knoema.es/user/1000560
Zimbabwe Fiscal Accounts

Misha Gusev knoema.es://knoema.es/user/1000560
International Financial Statistics (IFS) by Indicator //knoema.es/yrtcvke/international-financial-statistics-ifs-by-indicator 2017-12-27T10:33:55Z Alex Kulikov knoema.es://knoema.es/user/1847910
International Financial Statistics (IFS) by Indicator

Alex Kulikov knoema.es://knoema.es/user/1847910
Governance Around the World //knoema.es/dtrkoec/governance-around-the-world 2017-12-20T05:41:57Z Balaji S knoema.es://knoema.es/user/1000220
Governance Around the World

This dashboard provides an information about governance trends by country from different points of view, namely: The Open Budget Index measures the overall commitment of countries to transparency,The Press Freedom Index illustrates just violations of freedom of information,The Worldwide Governance Indicators shows the views on the quality of governance provided by a large number of enterprise, citizen and expert survey respondents in industrial and developing countries.   *Explore Worldwide Governance dataset for more relevant indicators. 

Balaji S knoema.es://knoema.es/user/1000220
US Federal Payments for Individuals by Category //knoema.es/ifgepfb/us-federal-payments-for-individuals-by-category 2017-08-16T21:00:34Z Alex Kulikov knoema.es://knoema.es/user/1847910
US Federal Payments for Individuals by Category

Alex Kulikov knoema.es://knoema.es/user/1847910
US State Profile //knoema.es/fucgieg/us-state-profile 2015-10-26T11:52:04Z Misha Gusev knoema.es://knoema.es/user/1000560
US State Profile

Misha Gusev knoema.es://knoema.es/user/1000560
Revising the Global Tax System //knoema.es/bhlgpjc/revising-the-global-tax-system 2015-09-03T13:11:14Z Alex Kulikov knoema.es://knoema.es/user/1847910
Revising the Global Tax System

Unprecedented changes to the international tax system are expected over the next five years. An OECD/G20 global campaign to address tax base erosion and profit shifting (BEPS) is in full swing and could dramatically alter the tax landscape. According to a November 2014 update from the OECD: BEPS refers to corporate tax planning strategies that exploit gaps and mismatches in tax rules between countries to artificially shift profits to low or no-tax locations characterized by little or no economic activity, resulting in little or no overall corporate tax being paid. BEPS would potentially have major implications for developing countries due to the heavy reliance of these countries on corporate income tax, particularly from multinational enterprises. In an increasingly interconnected world, national tax laws have not always kept pace with global corporations, fluid movement of capital, and the rise of the digital economy, leaving gaps that can be exploited to generate double non-taxation. This undermines the integrity of domestic tax systems. Fifteen specific actions are being developed in the context of the OECD/G20 BEPS Project. The first set of measures and reports were released in September 2014. Combined with the work to be completed in 2015, the project will give countries the tools to ensure that profits are taxed where the economic activities that generate profits are preformed and added value created, while at the same time giving businesses greater tax certainty by reducing disputes over the application of international tax rules and standardising requirements across international borders. For the first time ever in tax matters, non-OECD/G20 countries are involved on equal footing. In this page you can explore tax rates worldwide to compare corporate, indirect, individual income, and social security tax rates within a country or across multiple countries. Source: Global Tax Rates, 2006-2015, KPMG.

Alex Kulikov knoema.es://knoema.es/user/1847910
US Budget and Debt //knoema.es/ojeqbug/us-budget-and-debt 2015-05-11T10:46:13Z Alex Kulikov knoema.es://knoema.es/user/1847910
US Budget and Debt

US Whitehouse, Office of Management and Budget provides data on budget receipts, outlays, surpluses or deficits, Federal debt, and Federal employment over an extended time period, generally from 1940 or earlier to 2014 and estimates up to 2019.  Source: The White House

Alex Kulikov knoema.es://knoema.es/user/1847910
Half Century of US Food Stamps //knoema.es/dyzfse/half-century-of-us-food-stamps 2015-04-30T10:42:27Z Alex Kulikov knoema.es://knoema.es/user/1847910
Half Century of US Food Stamps

In 1964 United States by the Food Stamp Act of 1964 have re-established the Food Stamp Program intended to provide food-purchasing assistance for low- and no-income people living in the U.S. In 2008 the program was renamed as the Supplemental Nutrition Assistance Program (SNAP). As of 2014, 46.5 million Americans or 14.6% of resident population* were receiving SNAP benefits (monthly average).  The average SNAP client received a monthly benefit of $125.35. Total program cost has exceeded 74 billion dollars. SNAP is the largest food assistance program in the country, reaching more poor individuals over the course of a year than any other public assistance program. Unlike many other public assistance programs, SNAP has few categorical requirements for eligibility, such as the presence of children, elderly, or disabled individuals in a household. As a result, the program offers assistance to a large and diverse population of needy persons, many of whom are not eligible for other forms of assistance. SNAP participation is closely related to unemployment and poverty levels. Since the beginning of recession in the US in 2008-2009 the number of people receiving SNAP benefits has increased dramatically. Only in 2014 it showed some decline.  In this dashboard you can explore the nation-wide and state-level Food Stamps/SNAP participation counts, recipiency rates, summary costs and average values of benefits recieved. Select the state or territory on the map and the indicator on the data card gadget to see details and the history of time-series since 1969 Source: US Food Stamp/SNAP Participation and Costs, 1969-2014  * including 50 states, the federal District of Columbia, Guam and U. S. Virgin Islands. Totals for 1975-1982 including Puerto Rico. Check dataset details for other notes and explanations.

Alex Kulikov knoema.es://knoema.es/user/1847910
US Government Budget Balance //knoema.es/bogzjf/us-government-budget-balance 2015-04-27T17:10:09Z Alex Kulikov knoema.es://knoema.es/user/1847910
US Government Budget Balance

Alex Kulikov knoema.es://knoema.es/user/1847910
US State Spending and Revenues //knoema.es/hqcnqhd/us-state-spending-and-revenues 2015-04-22T14:09:11Z Alex Kulikov knoema.es://knoema.es/user/1847910
US State Spending and Revenues

The latest edition of NASBO’s State Expenditure Report finds that total state spending in fiscal 2014 is estimated to have grown at its fastest pace since the recession, largely due to an increase in federal Medicaid funds as a majority of states chose to expand enrollment under the Affordable Care Act. Total state spending growth in fiscal 2013 was more modest; however, total state expenditure did return to positive growth following declines in fiscal 2012. Since its inception in 1987, the National Association's of Budget Officers (NASBO) State Expenditure Report has developed into a definitive baseline for the analysis of state spending. Expenditure data are detailed by program area so that trends in state spending can be evaluated. The funding sources for state expenditures also are identified. In this interactive dashboard you can explore NASBO state expenditure data various ways. Choose the indicator of interest to compare states on the map and see the states' ranking. Select the state on the map to see the trends and details about the structure of its expenditures and revenues and the rates of growth since 1998.  Source: US Budget Expenditure by States, 1998-2014. See the bottom of the page for the definitions and notes. All data were compiled from NASBO State Expenditure reports.

Alex Kulikov knoema.es://knoema.es/user/1847910
US Social Security & Medicare Outlook //knoema.es/qajxhbf/us-social-security-medicare-outlook 2015-04-13T07:04:39Z Alex Kulikov knoema.es://knoema.es/user/1847910
US Social Security & Medicare Outlook

Next year, the US Old Age and Survivors Insurance trust fund (OASI) for the first time since early 1980s will have a deficit of 13 billion dollars. According to the projections of the US Whitehouse Office of Management and Budget, by 2020 the deficit of the largest US retirement fund will deepen to $123 bln - the level never seen in history. Despite the expected surpluses in others social and Medicare funds, the US federal social security system as a whole will become insolvent in the next 5 years. Aggregate deficit of the US Social Security trust funds (OASI and the Disability Insurance funds) would amount $70 bln. by the 2020, and about $43 bln. counting Medicare trusts. Select a trust fund from the chart  below to explore the details Source:  US Whitehouse, Office of Management and Budget - Cash Income, Outgo, and Balances of The Social Security and Medicare Trust Funds, March 2015

Alex Kulikov knoema.es://knoema.es/user/1847910
Military //knoema.es/jmiycve/military 2013-11-22T09:38:40Z International Comparisons knoema.es://knoema.es/user/1100180
Military

The United States’ number of nuclear warheads and military expenditures as a percent of GDP are the most intriguing statistics on this page.

International Comparisons knoema.es://knoema.es/user/1100180
BBMP Budget 2012-2013 //knoema.es/qhirtsb/bbmp-budget-2012-2013 2012-11-06T14:39:51Z Balaji S knoema.es://knoema.es/user/1000220
BBMP Budget 2012-2013

About Bangalore: Population: 84,25,970  Area (in sq kms): 741  City Liveability Score: 5.5 For more details by ward, Access Know Your Ward

Balaji S knoema.es://knoema.es/user/1000220