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Show Education has surpassed national natio-nal defense as the leading area of government spending in the United States. The Foundation report shows that during the 1976 fiscal year educational expenditures expendi-tures in the U.S. totaled $106.3 billionT compared with expenditures expendi-tures of $100.4 billion for national defense and international relations. rela-tions. Other major expenditure items include social security (old age, survivors, disability, and health insurance) - $88.3 billion, public welfare - $45.1 billion, and interest on the general debt -$39.6 billion. Total revenue received by all governmental units in the United States last year amounted to $572,615,000,000. This sum was approximately $53.5 billion less than the expenditure total. All of this deficit was accounted for by Federal Government operations. , : The individual income tax is i. leading source of government revenue in the United States. Last year, it accounted for $156.2 billion, or 27.73'2 of all revenue received. Other important impor-tant revenue sources include social security taxes - $80.3 billion (14.0 of the revenue total), sales and gross receipts taxes -$76.3 billion (13.32S), property taxes - $57.0 billion (10.0), and corporate income taxes - $48.7 billion (8.5). Foundation analysts point out that persistent deficits have resulted in a growing government debt. At the close of the 1975-1976 fiscal year, the total direct debt of all governmental units in the U.S. was listed at $871.4 billion. This compares with an outstanding debt of $514.5 billion at the end of 1970, $364.0 billion at the close of 1960, $281.5 billion at the end of 1950, and $63.3 billion at the close of 1940. These direct figures do not include contingent or future obligations for under-funded government go-vernment retirement programs, guaranteed loans, etc. Government Expenditures Up Expenditures by Federal, state, and local government units throughout the United States in fiscal 1976 totaled $626.1 billion. According to an analysts prepared prepar-ed by Utah Foundation, the private research organization, this figures out to be $2,929 for every man, woman, and child residing in the nation that year. The Foundation study shows that governmental expenditures have risen dramatically over the past quarter century and that the rate of increase ill such government govern-ment spending has accelerated since 1965. Part of this acceleration accelera-tion is accounted for by the higher rate of inflation experienced in recent years, but part is due to the proliferation and expansion of new government programs. According to the Foundation report, the- Federal Government accounted for $391.1 billion, or 62.5 of all government spending spend-ing in the U.S. last year. Approximately $69.1 billion of this Federal expenditure total, however, represents grants and aid distributed to other governmental govern-mental units. Direct expenditures expenditur-es by the Federal Government, therefore, were equal to $322 billion, or 51.4 of all spending by governmental units last year. Direct expenditures by state governments totaled $124.1 billion bil-lion (19.8 of the total), while local governments were responsible responsi-ble for $180.0 billion (28.7) of all direct government spending during 1976. |
