Ten Welfare Programs to Cost $8.3 Trillion Over Next 10 Years
4:11 PM, Oct 18, 2012 • By DANIEL HALPER
A report from the Congressional Research Service released today finds that welfare spending is now the largest federal budget item. Presently, the federal government spends $745.84 billion to support 83 of these welfare programs.
The costs are astronomically high--and they are likely only to continue to rise.
According to the data from the Congressional Research Services, over the next 10 years, the federal government will spend $8.295 trillion to separate the ten costliest programs. (This does not even take into account the 73 other welfare programs!)
Here's a chart from the Republican side of the Senate Budget Committee that shows the top most expensive programs are likely to grow (in terms of cost):
And here's a breakdown of the programs, and how much they'll cost over the next ten years, according to government projections:
If one were to try to account for projected spending of all welfare programs combined, the cost would be about $12.7 trillion. "According to the President’s budget plans for fiscal year 2013, means-tested welfare will not decline as the recession ends, but will continue to grow rapidly for the next decade. Overall, President Obama plans to spend $12.7 trillion on means-tested welfare over the next decade," the Heritage Foundation's Robert Rector writes.
Rector adds: “If converted to cash, means-tested welfare spending is more than sufficient to bring the income of every lower-income American to 200 percent of the federal poverty level, roughly $44,000 per year for a family of four. (This calculation combines potential welfare aid with non-welfare income currently received by the poor.)”
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