With your partner from the Supply & Demand assignment, you need to analyze the U.S. federal budget and identify the major categories of spending and revenues.
Start by examining the budget data published in the 2014 Economic Report of the President Table B-22, “Federal receipts, outlays, surplus or deficit and debt“
What percentage of the federal budget goes to:
- National Defense
- Welfare Spending
- Social Security
- Interest on the Public Debt
What percentage of federal revenues comes from:
- Personal income taxes
- Social Security and Medicare taxes
- Corporate Income taxes
Please work with your partner to develop answers to these questions and email one copy of your work with both your names to me by Monday, June 30. Please write up this assignment using complete sentences and show your work! Don’t just sent me a list of percentages. Let me know if you have any questions.