Question
Budget Analysis.Assume that the composition of federal outlays and receipts shown in figure 4.17 remained the same in 2017.Also assume that total revenue for 2017
Budget Analysis.Assume that the composition of federal outlays and receipts shown in figure 4.17 remained the same in 2017.Also assume that total revenue for 2017 was $3.31 trillion and the total spending was $3.89 trillion.
31.a.About how much was spent (in dollars) on Social Security and Medicare combined in 2017?
b.About how much was spent (in dollars) on all discretionary expenses (combined) in 2017?
c.Suppose that over a period of several years, overall spending remained at the 2017 level of $3.89 trillion, but eh share of Social Security and Medicare spending increased from 38% to 40% of total spending.Assuming that all the needed cuts came from discretionary spending, how much would this spending decrease?Give your answer both in dollars and as a percentage
The answers for 31 are:
a. $1.48 trillion
b. $1.21 trillion
c. $77.8 billion; 6.4%.
I have provides the answers for 31. Please make sure the answers match up.
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