Thursday, April 11, 2013

Completely Predictable

Completely Predictable | Sumner Books: "As reported in my new book, “Completely Predictable,” the combined spending of federal, state and local governments actually exceeded the median household income for 2010, which is the latest year for which all relevant government data are available.

In fiscal 2010, according to numbers published by the Census Bureau and the Office of Management and Budget (OMB), net spending by all levels of government in the United States was $5,942,988,401,000. That equaled $50,074 for each one of the 118,682,000 households in the country.

In that same year, according to the Census Bureau, the median household income was $49,445.

That means total net government spending per household ($50,074) exceeded median household income (49,445) by $629."