Federal Spending

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Last updated 2:31 AM on 9/25/23
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8 Terms

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Mandatory Spending
Spending that is required by Congress to be spent on certain programs or debt, such as interest payments.
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Discretionary Spending
Spending that is chosen by lawmakers on programs such as defense and education.
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Biggest Parts of Spending
Refers to the largest portions of government spending, including Medicare (for the elderly), Medicaid (for the poor), and Social Security (for the elderly).
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Entitlements
Social welfare programs that individuals are guaranteed if they meet certain eligibility requirements, such as Social Security, Medicare, Medicaid, and pensions.
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Third Rail of Economics
Refers to Social Security, Medicare, and Medicaid, which are considered politically sensitive and any changes to these programs can cause problems.
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Social Security

60 mil (of 330 mil) Americans getting benefits; baby boomers are retiring so SS #’s increased (fewer workers are paying into the system, creating a shortage of funds)

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Defense Spending

20%+ of the federal budget (troops, weapons, tanks, jets)

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Other Discretionary Expenses

education, sci research, student loans, law enforcement, pollution cleanup, disaster aid, gov’t employee salaries