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Books > History > History of specific subjects > Economic history
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Transfer Spending, Taxes, and the American Welfare State (Paperback, Softcover reprint of the original 1st ed. 1991)
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Transfer Spending, Taxes, and the American Welfare State (Paperback, Softcover reprint of the original 1st ed. 1991)
Expected to ship within 10 - 15 working days
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In 1989 the federal government spent $1197 billion, a mind-boggling
sum that is almost impossible to visualize. Since there were 248. 8
million people living in the United States in that year, the
government spent an average of $4811 for every man, woman, and
child in the nation. For a hypothetical family of four, federal
spending in 1989 amounted to an average of$19,244. To put this sum
in perspective, the money income of an American family averaged
$35,270 in the same year. To finance spending $1197 billion, the
government collected taxes from American citizens and residents in
an amount of $1047 billion. Because of a shortfall between what it
spent and what it took in taxes, the government had to borrow $150
billion, partly from individuals, but mostly from banks, insurance
companies, and foreigners. How, where, and on whom did the federal
government spend all this money? Since federal spending in 1989
totaled 23 cents in comparison to every dollar spent for the buying
of goods and services, finding an answer to this question is not a
trivial matter. Spending by Washington reaches into every nook and
cranny of the economy, touching the lives and fortunes of almost
everyone in the nation. Thus, answers to these questions are of
more than academic interest.
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