From housing to healthcare, coffee to cancer treatment, and streaming services to student loans, every single dollar spent in America tells a story, as revealed by the trillions we collectively allocate each year.
Key Takeaways
- In 2023, US personal consumption expenditures totaled $18.85 trillion, representing 68.2% of GDP.
- Average annual household spending in the US was $72,967 in 2022, with housing at 32.9% of total.
- US consumer spending on durable goods rose 7.8% in Q4 2023.
- Federal government spending in FY2023 was $6.13 trillion.
- US federal discretionary spending reached $1.7 trillion in FY2023.
- Social Security spending was $1.35 trillion in FY2023.
- US national health expenditure reached $4.5 trillion in 2022.
- Hospital spending accounted for 31% of total US health spending in 2022 at $1.39 trillion.
- Physician and clinical services spending was $878 billion in US 2022.
- Total US education spending reached $1.38 trillion in 2022.
- Public K-12 education spending was $857 billion in 2022.
- Higher education spending totaled $662 billion in 2022.
Americans spend extensively across household, government, and healthcare categories.
Consumer Spending
- In 2023, US personal consumption expenditures totaled $18.85 trillion, representing 68.2% of GDP.
- Average annual household spending in the US was $72,967 in 2022, with housing at 32.9% of total.
- US consumer spending on durable goods rose 7.8% in Q4 2023.
- In 2022, food spending accounted for 11.3% of US household budgets.
- Transportation spending by US households averaged $12,295 annually in 2022.
- US apparel and services spending per household was $1,945 in 2022.
- Entertainment spending reached $3,341 per US household in 2022.
- US personal care products and services spending averaged $902 per household in 2022.
- Cash contributions by US households totaled $2,831 on average in 2022.
- US reading materials spending was $139 per household annually in 2022.
- Alcohol spending averaged $577 per US household in 2022.
- Tobacco products spending was $351 per household in the US in 2022.
- Miscellaneous spending reached $1,098 per US household in 2022.
- Personal insurance and pensions accounted for 12% of US household spending in 2022.
- Healthcare spending per US household averaged $6,159 in 2022.
- US online shopping spending hit $1.1 trillion in 2023.
- Grocery spending by US consumers was 13.5% of total food budget in 2023.
- US luxury goods spending grew 8% to $120 billion in 2023.
- Travel spending by US households reached $1.2 trillion in 2023.
- US restaurant spending totaled $1.1 trillion in 2023.
- Electronics spending per US household was $1,200 in 2022.
- US pet spending exceeded $136 billion in 2023.
- Home improvement spending hit $538 billion in US in 2023.
- US gift card spending was $28 billion during holidays 2023.
- Streaming services spending averaged $70 per month per US household in 2023.
- US coffee spending totaled $48 billion annually in 2023.
- Fitness and gym spending reached $33 billion in US in 2023.
- US beauty products spending was $100 billion in 2023.
- Toy spending by US consumers hit $29 billion in 2023.
- US book spending totaled $25 billion in 2023.
Consumer Spending Interpretation
The American economy appears to be a carefully balanced ecosystem where we spend the majority of our income securing a roof and a ride, while still finding billions for coffee, pets, and streaming, proving our wallets are guided by both necessity and the irresistible urge for a little luxury and distraction.
Education Spending
- Total US education spending reached $1.38 trillion in 2022.
- Public K-12 education spending was $857 billion in 2022.
- Higher education spending totaled $662 billion in 2022.
- US student loan debt payments reached $100 billion annually in 2023.
- Federal Pell Grants disbursed $28.2 billion in FY2023.
- State funding for public colleges was $289 billion in 2022.
- US private school tuition averaged $12,350 per year in 2023.
- Instructional spending per pupil in public schools was $8,161 in 2022.
- Support services spending per pupil reached $4,828 in 2022.
- US homeschooling spending hit $1.5 billion in 2023.
- Corporate tuition assistance programs spent $5.6 billion in 2022.
- EdTech spending in US K-12 reached $13.5 billion in 2023.
- Online learning platforms spending was $25 billion globally, US share 40% in 2023.
- US library spending totaled $13 billion in 2022.
- Vocational training spending reached $15 billion in 2022.
- US preschool spending per child was $11,000 annually in 2022.
- Special education spending was $90 billion in 2022.
- Teacher salaries accounted for 46% of K-12 spending in 2022.
- School facilities spending hit $100 billion in 2022.
- US study abroad spending totaled $6 billion in 2023.
- Corporate training spending was $98 billion in US 2023.
- US federal R&D education spending reached $4 billion in FY2023.
Education Spending Interpretation
Our nation's education spending resembles a wildly over-engineered Rube Goldberg machine, where we pour staggering sums into every conceivable corner yet still find ourselves nervously checking if the final domino—actual learning—has even tipped over.
Government Spending
- Federal government spending in FY2023 was $6.13 trillion.
- US federal discretionary spending reached $1.7 trillion in FY2023.
- Social Security spending was $1.35 trillion in FY2023.
- Medicare expenditures totaled $839 billion in FY2023.
- Medicaid spending hit $824 billion in FY2023.
- Defense spending by US was $877 billion in FY2023.
- Interest on US debt cost $659 billion in FY2023.
- Veterans benefits spending was $301 billion in FY2023.
- US federal education spending reached $79 billion in FY2023.
- Transportation and infrastructure spending was $109 billion in FY2023.
- US agriculture subsidies totaled $28 billion in FY2023.
- Federal science and environment spending was $37 billion in FY2023.
- US international affairs spending hit $60 billion in FY2023.
- Federal law enforcement spending was $39 billion in FY2023.
- US federal energy spending totaled $11 billion in FY2023.
- Housing and community development spending reached $61 billion in FY2023.
- Federal food assistance spending was $119 billion in FY2023.
- US general government spending accounted for 6% of federal budget in FY2023.
- State and local government spending in US was $3.1 trillion in 2022.
Government Spending Interpretation
While the U.S. government writes a $6.13 trillion check for its ambitious to-do list, nearly a third of it is simply signing over money to seniors and healthcare programs, another hefty chunk goes to the military and its veterans, and we are paying more to service our past decisions in interest than we do on shaping our future through education, science, and infrastructure combined.
Healthcare Spending
- US national health expenditure reached $4.5 trillion in 2022.
- Hospital spending accounted for 31% of total US health spending in 2022 at $1.39 trillion.
- Physician and clinical services spending was $878 billion in US 2022.
- Prescription drug spending hit $405 billion in US in 2022.
- Medicare spending grew 4.8% to $944 billion in 2022.
- Private health insurance spending was $1.3 trillion in 2022.
- Medicaid expenditures reached $824 billion in 2022.
- Out-of-pocket health spending by Americans was $433 billion in 2022.
- US dental services spending totaled $164 billion in 2022.
- Home health care spending grew to $128 billion in 2022.
- Nursing care facilities spending was $183 billion in 2022.
- US substance abuse treatment spending reached $42 billion in 2022.
- Mental health services spending was $282 billion in 2022.
- US medical equipment spending hit $58 billion in 2022.
- Biotech R&D health spending totaled $124 billion in 2022.
- US telemedicine spending reached $14.8 billion in 2023.
- Cancer treatment spending was $208 billion in US 2022.
- Cardiovascular care spending totaled $242 billion in 2022.
- US obesity-related health spending hit $173 billion in 2022.
- Emergency room visits cost $184 billion in US 2022.
- Pediatric healthcare spending was $394 billion in 2022.
- US elderly health spending per capita was $13,251 in 2022.
Healthcare Spending Interpretation
We are pouring an annual fortune worthy of a small planet into a system where the hospital bill alone feels like a mortgage payment, proving that in America, your health is priceless until you see the invoice.
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