America may soon spend more on national debt interest than on its children
The national debt is becoming more important than America's children.
Investment in U.S. kids fell below 10 percent of annual federal spending in 2017 and is projected to shrink even more, a new study by the Urban Institute Kids' Share has found. Adults, on the other hand, hog 45 percent each year.
Spending on children through tax provisions, education, and health care totaled $375 billion of America's $3.9 trillion in federal spending in 2017. Most of that number — $180 billion — seemingly went to adults anyway through dependent exemptions and other tax provisions. Only $42 billion went to childhood education last year.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Federal spending on children was only about 3.2 percent of the budget back in 1960. But it grew from there, peaking at 10.4 percent in 2010, per the study. Childhood spending has since shrunk and, if it continues as projected, will fall to 6.9 percent by 2028. Meanwhile, the national debt is growing, and America will likely be spending more on its debt's interest than on its children in two years.
Those shrinking numbers can partly be attributed to America's aging population, the study suggests. As baby boomers reach Medicare-receiving age, money spent on their Social Security and health care is only projected to grow.
At least the federal budget isn't something millennials can be blamed for ruining.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Kathryn is a graduate of Syracuse University, with degrees in magazine journalism and information technology, along with hours to earn another degree after working at SU's independent paper The Daily Orange. She's currently recovering from a horse addiction while living in New York City, and likes to share her extremely dry sense of humor on Twitter.
-
Why Man United finally lost patience with ten Hag
Talking Point After another loss United sacked ten Hag in hopes of success in the Champion's League
By The Week UK Published
-
Who are the markets backing in the US election?
Talking Point Speculators are piling in on the Trump trade. A Harris victory would come as a surprise
By The Week UK Published
-
Crossword: November 3, 2024
The Week's daily crossword
By The Week Staff Published
-
Nobody seems surprised Wagner's Prigozhin died under suspicious circumstances
Speed Read
By Peter Weber Published
-
Western mountain climbers allegedly left Pakistani porter to die on K2
Speed Read
By Justin Klawans Published
-
'Circular saw blades' divide controversial Rio Grande buoys installed by Texas governor
Speed Read
By Peter Weber Published
-
Los Angeles city workers stage 1-day walkout over labor conditions
Speed Read
By Justin Klawans Published
-
Mega Millions jackpot climbs to an estimated $1.55 billion
Speed Read
By Catherine Garcia Published
-
Bangladesh dealing with worst dengue fever outbreak on record
Speed Read
By Catherine Garcia Published
-
Glacial outburst flooding in Juneau destroys homes
Speed Read
By Catherine Garcia Published
-
Scotland seeking 'monster hunters' to search for fabled Loch Ness creature
Speed Read
By Justin Klawans Published