US Doles Out $2 Trillion In Benefits Last Year

  • Posted Monday, September 01, 2014 at 01:44 PM

Los Angeles CA, September 1 (Tangible Investments) - by James O’Dell - Gold and Silver prices ended mixed on Friday with Gold gaining $2.30 or 0.18 percent to finish the week at $1,291.75 an ounce as the dollar eased and safe-haven Gold buying accelerated after Ukrainian President Poroshenko warned that "full-scale war" was imminent if Russian troops continued to advance into Ukraine territory in support of pro-Moscow insurgents, while Europe stood strong with the United States in threatening Russia with additional sanctions. Silver dipped 0.05 or 0.26 percent to end the week at $19.49 an ounce while the Gold/Silver ratio rose to 66.28.

U.S. markets will remain closed on Monday in observance of the Labor Day holiday. "The focus this week will be on the US August nonfarm payrolls due on Friday, while remaining sensitive to headlines relating to geopolitical risks," said UBS, on Monday, in a note. "Price action is likely to be choppy heading into the key data release."

Meanwhile, according to a recent report by the Bureau of the Fiscal Service, the U.S. government paid out more than $2 trillion in benefits and entitlements from government programs, in fiscal year 2013. The Bureau of the Fiscal Service’s Monthly Treasury Statement noted that the bulk of the benefits paid, or 69.7 percent, came from non-means tested government programs and according to the U.S. Census Bureau provide benefits to recipients who qualify regardless of income.

In fiscal year 2013, the government doled out $1,399,253,000,000 in benefits from non-means tested programs including Social Security, Medicare, unemployment compensation, workers’ compensation, Veterans’ compensation, and several more.

Means-tested government programs, on the other hand, call for a person's income to fall below a certain level before receiving benefits, and contributed to 30.3 percent of the total amount in paid-out benefits. These types of programs include public housing, food stamps, Pell Grants, refundable tax credits and Medicaid. Means-tested spending programs cost $608,358,200,000 in fiscal year 2013.

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