Lecture notes for 4/7/99

The national debt grows $628 million each day, adding on to the current
     $5,663,109,505,213.87 debt.
     -If the debt was divided up so that each US resident would pay an equal amount of the debt,
          each person would have to pay $20,467.75 to the government.

During the 1980's, many companies and banks had to declare bankrupcy due to a lack of
     government funding.
Majority of revenues the government receives are from income taxes (46%).
     -Others include:
          -Excise taxes
          -Social security taxes
          -Corporate taxes
          -Miscellaneous revenues (fines, penalties, seizures of property, etc.)
Where does the money go?
     -Mandatory:  government must spend money on...
          -Social security (23%)
          -Net interest on our national debt (14%)
          -Medicare (12%)
          -Food stamps, veteran's pension:  Medicaid (6%)
          -Retirement and insurance to federal employees (6%)
     -Discretionary
          -Defense spendings such as research and technology for military (15%)
          -Other nondefense discretionary spendings such as technology, housing development,
               foreign aid, and transportation (17%)
The government is becoming more reliant on individual citizens for revenue.