How much is the US budget for education in 2023?
Public K-12 expenditures total $794.7 billion. Expenditures are equivalent to 3.57% of taxpayer income. K-12 schools nationwide receive $85.3 billion total or $1,730 per pupil from the federal government. States contribute a total of $367.1 billion to K-12 public education or $7,430 per student.
The total overall funding (federal, state, and local) for all TK–12 education programs is $129.2 billion, with a per-pupil spending rate of $23,791 in 2023–24.
How much money does the United States spend on public elementary and secondary schools? Response: Total expenditures for public elementary and secondary schools in the United States were $870 billion in 2019–20 (in constant 2021–22 dollars).
Outlays in fiscal year 2023 were $6.1 trillion, $141 billion (or 2 percent) less than in fiscal year 2022, CBO estimates.
Overall the budget proposal calls for more than $82 billion in discretionary spending for the education department, a 4% increase from this year.
The federal government collected nearly $4.5 trillion in revenue in fiscal year 2023 (FY 2023). The federal government spent almost $6.2 trillion in FY 2023, including funds distributed to states. Federal revenue decreased 15.5% in FY 2023 but remained almost 8% higher than in FY 2019.
The Budget provides a historic investment of $8.8 billion for the Office of Science, advancing toward the authorized level in the CHIPS and Science Act to support cutting-edge research at DOE's 17 National Laboratories as well as universities, in addition to building and operating world-class scientific user facilities ...
MAY 18, 2023 — Nationally, public school spending per student experienced the largest fiscal year-to-year increase since 2008, up 6.3% to $14,347, according to new data from the 2021 Annual Survey of School System Finances released today by the U.S. Census Bureau. This spending is up from $13,501 in FY 2020.
- Alaska spends the most on students overall at a total of $53,124 per student between K-12 and postsecondary education.
- Idaho spends the least amount on education overall at $19,661 per student.
- Between the highest-spending state (Alaska) and the lowest-spending (Idaho), the spending gap is $33,463.
About 45 percent of FY 2022 discretionary spending went towards national defense, and most of the rest went for domestic programs, including transportation, education and training, veterans' benefits, income security, and health care (figure 4).
Who owns US debt?
1 Foreign governments hold a large portion of the public debt, while the rest is owned by U.S. banks and investors, the Federal Reserve, state and local governments, mutual funds, pensions funds, insurance companies, and holders of savings bonds.
US NATIONAL DEBT TOPS $34T FOR FIRST TIME IN HISTORY
Even more worrisome is that the spike in interest rates over the past year and a half has made the cost of servicing the national debt more expensive. That is because as interest rates rise, the federal government's borrowing costs on its debt will also increase.
The largest source of funding for elementary and secondary education comes from state government aid, followed by local contributions (primarily property taxes). The public education system provides the classes needed to obtain a General Education Development (GED) and obtain a job or pursue higher education.
There are many reasons. The basic one is that higher education isn't fully funded by the government through taxes. Some universities get substantial funding from individual states (funded by income taxes), but not enough to cover all costs.
Norway reported the highest total expenditures on education institutions as a percentage of GDP (6.6 percent), followed by Chile (6.5 percent), Israel (6.2 percent), Australia (6.1 percent), and the United Kingdom and the United States (both 6.0 percent).
CBO: U.S. Federal spending and revenue components for fiscal year 2023. Major expenditure categories are healthcare, Social Security, and defense; income and payroll taxes are the primary revenue sources.
Foreign holders of United States treasury debt
Of the total 7.6 trillion held by foreign countries, Japan and Mainland China held the greatest portions, with China holding 868.9 billion U.S. dollars in U.S. securities. Other foreign holders included oil exporting countries and Caribbean banking centers.
Defense. Approximately 20 percent of the federal budget is spent on defense and security. Most of that 20 percent is for the Department of Defense, which covers the cost of military operations, troop training, equipment, and weapons research.
NASA's fiscal year 2024 budget is $24.875 billion, a 2% cut relative to 2023. NASA's troubled Mars Sample Return project was the flashpoint in the congressional budget process.
The department's overall budget is roughly $37.5 billion this school year. Starting next fiscal year, the department will cut $120 million from the Universal Pre-K program, which enrolled about 100,000 3- and 4-year-old this year and is the signature legacy of former Mayor Bill de Blasio's administration.
How many employees does the US Department of Education have?
The Department of Education is administered by the United States secretary of education. It has 4,400 employees – the smallest staff of the Cabinet agencies – and an annual budget of $68 billion.
In 2023, U.S. News released its Best States ranking, which lists Florida as the top state in the country for education.
New York State spent the most money per student on public education in 2022. Idaho spent the least.
West Virginia, which has one of the highest unemployment rates in the country, was the least educated. WalletHub compared all 50 states across 18 key indicators, including educational attainment, school quality and achievement gaps between genders and races.
The primary sources of revenue for the U.S. government are individual and corporate taxes, and taxes that are dedicated to funding Social Security and Medicare. This revenue is used to fund a variety of goods, programs, and services to support the American public and pay interest incurred from borrowing.
