Economy articles
How much does the US federal government spend?
The federal government spent $7.04 trillion in fiscal year (FY) 2025. This averages about $20,600 per person in the US. The amount the government can spend depends on the amount of revenue it collects (e.g., through taxes, customs duties, and other sources). If it has to spend more revenue than it brings in, it borrows the funds, creating debt.
Just the Facts about the US economy
How does the government measure the economy? By tracking GDP, unemployment numbers, and the prices people pay for goods and services.
US Federal Taxes: How the US Federal Government is Funded
The federal government collected $4.9 trillion in revenue in 2024, 99% of which came from taxes. How much does the average American pay? And who pays the most?
US trading partners, imports and exports, and how tariffs factor in
In 2024, the US imported $4.1 trillion and exported $3.2 trillion in goods and services. Higher tariffs can raise prices and the impact on US jobs is a complex issue. Join Steve as he talks through US trade, tariffs and their impact, US trade partners, trade agreements, and more.
How many households in the US spend too much on housing?
About 42.5 million households were cost-burdened in 2024. That's 33% of all households. These households spent at least 30% of their total income on rent or mortgage payments and utilities. The Department of Housing and Urban Development considers households that spend more than 30% of their income on housing to be cost-burdened. Cost-burdened households may have less money for other necessities such as food, healthcare, or savings.
What is the labor force participation rate in the US?
The US labor force participation rate was 61.8% in May 2026. The labor force participation rate measures the percent of people ages 16 and older engaged in the labor market, including those who are working or who are unemployed but actively looking for a job.
What is the current inflation rate in the US?
The inflation rate was 4.2%, as of May 2026. Inflation refers to the rise in prices of goods and services over time, which reduces the purchasing power of the dollar. The inflation rate is the percentage that describes how quickly these prices are rising. While several government datasets track price changes, the Consumer Price Index (CPI) represents about 90% of the US population. The CPI measures inflation by tracking the price fluctuations of a “basket of goods and services” over time, providing a clear picture of how inflation affects everyday living expenses.
What is the US poverty rate?
The poverty rate was about 10.6% of the US population as of 2024. The poverty rate is the percentage of people whose household income falls below the poverty threshold set by the government. It measures the percentage of people in households that don’t earn enough to pay for basic needs like food, housing, and healthcare. In 2024, 35.9 million people lived in poverty.
How many people live in subsidized housing in the United States?
About 9.05 million people in 2023, or about 2.0 people per unit. Subsidized housing options vary by location, ranging from high-rise or garden-style apartments to single-family dwellings, duplexes, and more. On average, residents in 2023 had lived in their units for ten years and two months.
What is the unemployment rate in the US right now?
Unemployment was at 4.3% in May 2026. That's unchanged from the prior month. The unemployment rate is the percentage of people in the labor force who are actively looking for work but not currently employed. It's a common way to measure the health of the job market and economy.
What are the biggest drivers of inflation in the past year?
Housing and transportation were the main drivers of inflation from April 2025 to April 2026. As of April 2026, overall prices increased 3.8% over the previous year. Of this, 1.6 percentage points came from price increases in housing, or about two-fifths of it.The inflation rate is calculated using the Consumer Price Index (CPI), which tracks the price changes of a consistent basket of goods and services over time. Each item in this basket is given a weight that reflects how much the average urban household spends on it. Items with higher weights, like shelter, tend to have a larger impact on the overall inflation rate than other categories. By examining the price changes across different categories, we can better understand the factors contributing to the current inflation rate.
How much debt does the US have?
The US has $39 trillion in debt as of April 2026. The federal government borrows money when its spending and investments cannot be funded by federal revenue alone; this debt enables the government to pay for programs and services when funds aren’t immediately available.
How much foreign aid does the US provide overall?
About $85.8 billion in aid was obligated for fiscal year (FY) 2024, the most recent fully-reported year. Another $46.1 billion has been reported for FY 2025, and $4.31 billion was reported for FY 2026.
What share of Medicaid costs do states pay?
The state share of Medicaid ranged from 17.9% in New Mexico to 40.3% in Wyoming in fiscal year (FY) 2023. On average, states paid 31.1% of the overall spending on the health insurance program, with the rest coming from the federal government.
How many job openings are there in the US?
About 7.62 million, as of April 2026. The number of job openings increased by 520,000 from April 2025. A “job opening” is defined as a position open on the last business day of the month. To be considered “open,” a job must meet three conditions: (1) There’s work available for the position; (2) The job could start within 30 days; and (3) The employer is actively recruiting.
How many people are laid off in the US each month?
About 1.69 million in April 2026. This includes all terminations of employment by an employer — called layoffs and discharges — such as permanent layoffs, temporary layoffs, and terminations because of mergers, downsizing, closings, or employee performance.
What does the Department of Transportation (DOT) do?
The Department of Transportation (USDOT, DOT) is a cabinet-level executive branch agency responsible for overseeing national transportation systems and infrastructure. Its functions include developing and implementing federal transportation policies; ensuring the safety and efficiency of highways, railroads, air travel, and maritime transport; and administering funding for transportation projects including local transit systems. It was established in 1966.
What is the average wage in the US?
The average wage was $1,283 per week in April 2026, 0.2% lower than a year before. The average weekly wage, the typical earnings that employees bring home for one week of work, is a valuable indicator to assess economic conditions, labor market health, and wage trends.
How much US government debt is owned by other countries?
As of March 2026, about 23.9% of US government debt, or $9.35 trillion, is owned by other countries. When the federal government spends more money than it collects in revenue, it sells US Treasury securities to bring in cash and pay for the difference. People, governments, corporations, and investment funds like retirement accounts — both US and international — can purchase these.
What is the federal government's budget deficit?
The federal government’s fiscal year (FY) 2026 budget deficit is about $953.6 billion as of April. A budget deficit occurs when the federal government spends more money than it brings in through taxes, customs duties, the sale of assets, and other revenues. When the government has a deficit, it borrows money by selling bonds and other securities in order to pay for it, adding to the national debt. A budget surplus, on the other hand, occurs when the government brings in more money than it spends.