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Keyword: transferincome

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  • $3.22 Trillion: Federal Programs That 'Transfer Income' Projected to Hit Record in FY2020

    10/23/2019 8:36:16 AM PDT · by SeekAndFind · 15 replies
    Townhall ^ | 10/23/2019 | Terry Jeffrey
    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 its Historical Table 6.1, Composition of Outlays, the OMB reports the annual amounts spent on "payments for individuals" going back to fiscal 1940 in both current year and constant fiscal 2012 dollars....