GOVERNMENT GROWTH

Through the first 11 months of FY24, federal spending rose $392 billion or 7%, while revenues increased by a healthy but smaller 5.5%. Debt service rose by $227 billion and Social Security/Medicare increased by $174 billion. Other categories that bumped up were defense, which increased by $52 billion and veterans’ benefits by $40 billion. Outlays on all remaining programs fell $100 billion. This is why reducing spending is so tough.