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> According to the UST it's Social Security Social security is reported as 21% of the total spending. It is also financed through a dedicated payroll tax. This
by motorest 2y ago
> According to the UST it's Social Security
Social security is reported as 21% of the total spending. It is also financed through a dedicated payroll tax. This means the federal government only acts as an income redistribution system where payroll taxes collected today are redistributed as pensions paid today.
So even though social security shows up so high, it just reflects the income redistribution scheme where the current workforce maintains retirement pensions of workers who retired.
The second largest expenditure is national defense at 15%.