Federal programs to ‘transfer income’ projected to hit record $3.22 trillion in 2020

Federal programs to ‘transfer income’ projected to hit record $3.22 trillion in 2020
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[Ed. – Now, THIS is “excess value.” You could be working so much less to sustain yourself at the level you’re accustomed to, if the compensation for YOUR work weren’t being “transferred” to people who didn’t earn it.  Conversely, you could continue working as hard as you do, and have a lot more to show for it – not only for your family but for whatever good you want to do in your community.]

Federal spending programs that are “designed to transfer income … to individuals or families” are set to hit a record $3,223,943,000,000 in fiscal 2020, according to projections published by the Office of Management and Budget.

These so-called “payments for individuals” (as the OMB calls them) are projected to account for 67.9% of all federal spending this fiscal year and consume 14.4% of the nation’s gross domestic product. …

In 1940, the federal government spent only 2.1% of GDP on “payments for individuals.” As a percentage of GDP, these payments peaked in fiscal 2010 at 15.5%.

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