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Friday, Sep. 20, 2024

Is federal spending 50% higher than pre-COVID levels?


yes

Fiscal 2024 federal spending, as projected by the nonpartisan Congressional Budget Office, is $6.94 trillion — 56% higher than the $4.45 trillion in fiscal 2019.

Republican Eric Hovde said spending is “50% higher than pre-COVID levels.” He is running in the Nov. 5, 2024, election against U.S. Sen. Tammy Baldwin, D-Wis.

Annual outlays remain well above fiscal 2019. That’s largely because $4.65 trillion in federal funds was spent in response to the COVID-19 pandemic. Federal outlays increased from $4.45 trillion in 2019 to $6.55 trillion in 2020, and are projected to be $6.94 trillion in 2024.

Besides COVID-19, higher outlays are also due to inflation and spending packages such as the Inflation Reduction Act and the Infrastructure Investment and Jobs Act during the Biden administration, as well as rising Social Security and Medicare costs.

Spending is up, but revenue is too, by 47% in 2024 compared with 2019.

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