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
1In 2023, US personal consumption expenditures totaled $18.85 trillion, representing 68.2% of GDP.
Verified2Average annual household spending in the US was $72,967 in 2022, with housing at 32.9% of total.
Verified3US consumer spending on durable goods rose 7.8% in Q4 2023.
Verified4In 2022, food spending accounted for 11.3% of US household budgets.
Directional5Transportation spending by US households averaged $12,295 annually in 2022.
Single source6US apparel and services spending per household was $1,945 in 2022.
Verified7Entertainment spending reached $3,341 per US household in 2022.
Verified8US personal care products and services spending averaged $902 per household in 2022.
Verified9Cash contributions by US households totaled $2,831 on average in 2022.
Directional10US reading materials spending was $139 per household annually in 2022.
Single source11Alcohol spending averaged $577 per US household in 2022.
Verified12Tobacco products spending was $351 per household in the US in 2022.
Verified13Miscellaneous spending reached $1,098 per US household in 2022.
Verified14Personal insurance and pensions accounted for 12% of US household spending in 2022.
Directional15Healthcare spending per US household averaged $6,159 in 2022.
Single source16US online shopping spending hit $1.1 trillion in 2023.
Verified17Grocery spending by US consumers was 13.5% of total food budget in 2023.
Verified18US luxury goods spending grew 8% to $120 billion in 2023.
Verified19Travel spending by US households reached $1.2 trillion in 2023.
Directional20US restaurant spending totaled $1.1 trillion in 2023.
Single source21Electronics spending per US household was $1,200 in 2022.
Verified22US pet spending exceeded $136 billion in 2023.
Verified23Home improvement spending hit $538 billion in US in 2023.
Verified24US gift card spending was $28 billion during holidays 2023.
Directional25Streaming services spending averaged $70 per month per US household in 2023.
Single source26US coffee spending totaled $48 billion annually in 2023.
Verified27Fitness and gym spending reached $33 billion in US in 2023.
Verified28US beauty products spending was $100 billion in 2023.
Verified29Toy spending by US consumers hit $29 billion in 2023.
Directional30US book spending totaled $25 billion in 2023.
Single sourceConsumer 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
1Total US education spending reached $1.38 trillion in 2022.
Verified2Public K-12 education spending was $857 billion in 2022.
Verified3Higher education spending totaled $662 billion in 2022.
Verified4US student loan debt payments reached $100 billion annually in 2023.
Directional5Federal Pell Grants disbursed $28.2 billion in FY2023.
Single source6State funding for public colleges was $289 billion in 2022.
Verified7US private school tuition averaged $12,350 per year in 2023.
Verified8Instructional spending per pupil in public schools was $8,161 in 2022.
Verified9Support services spending per pupil reached $4,828 in 2022.
Directional10US homeschooling spending hit $1.5 billion in 2023.
Single source11Corporate tuition assistance programs spent $5.6 billion in 2022.
Verified12EdTech spending in US K-12 reached $13.5 billion in 2023.
Verified13Online learning platforms spending was $25 billion globally, US share 40% in 2023.
Verified14US library spending totaled $13 billion in 2022.
Directional15Vocational training spending reached $15 billion in 2022.
Single source16US preschool spending per child was $11,000 annually in 2022.
Verified17Special education spending was $90 billion in 2022.
Verified18Teacher salaries accounted for 46% of K-12 spending in 2022.
Verified19School facilities spending hit $100 billion in 2022.
Directional20US study abroad spending totaled $6 billion in 2023.
Single source21Corporate training spending was $98 billion in US 2023.
Verified22US federal R&D education spending reached $4 billion in FY2023.
VerifiedEducation 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
1Federal government spending in FY2023 was $6.13 trillion.
Verified2US federal discretionary spending reached $1.7 trillion in FY2023.
Verified3Social Security spending was $1.35 trillion in FY2023.
Verified4Medicare expenditures totaled $839 billion in FY2023.
Directional5Medicaid spending hit $824 billion in FY2023.
Single source6Defense spending by US was $877 billion in FY2023.
Verified7Interest on US debt cost $659 billion in FY2023.
Verified8Veterans benefits spending was $301 billion in FY2023.
Verified9US federal education spending reached $79 billion in FY2023.
Directional10Transportation and infrastructure spending was $109 billion in FY2023.
Single source11US agriculture subsidies totaled $28 billion in FY2023.
Verified12Federal science and environment spending was $37 billion in FY2023.
Verified13US international affairs spending hit $60 billion in FY2023.
Verified14Federal law enforcement spending was $39 billion in FY2023.
Directional15US federal energy spending totaled $11 billion in FY2023.
Single source16Housing and community development spending reached $61 billion in FY2023.
Verified17Federal food assistance spending was $119 billion in FY2023.
Verified18US general government spending accounted for 6% of federal budget in FY2023.
Verified19State and local government spending in US was $3.1 trillion in 2022.
DirectionalGovernment 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
1US national health expenditure reached $4.5 trillion in 2022.
Verified2Hospital spending accounted for 31% of total US health spending in 2022 at $1.39 trillion.
Verified3Physician and clinical services spending was $878 billion in US 2022.
Verified4Prescription drug spending hit $405 billion in US in 2022.
Directional5Medicare spending grew 4.8% to $944 billion in 2022.
Single source6Private health insurance spending was $1.3 trillion in 2022.
Verified7Medicaid expenditures reached $824 billion in 2022.
Verified8Out-of-pocket health spending by Americans was $433 billion in 2022.
Verified9US dental services spending totaled $164 billion in 2022.
Directional10Home health care spending grew to $128 billion in 2022.
Single source11Nursing care facilities spending was $183 billion in 2022.
Verified12US substance abuse treatment spending reached $42 billion in 2022.
Verified13Mental health services spending was $282 billion in 2022.
Verified14US medical equipment spending hit $58 billion in 2022.
Directional15Biotech R&D health spending totaled $124 billion in 2022.
Single source16US telemedicine spending reached $14.8 billion in 2023.
Verified17Cancer treatment spending was $208 billion in US 2022.
Verified18Cardiovascular care spending totaled $242 billion in 2022.
Verified19US obesity-related health spending hit $173 billion in 2022.
Directional20Emergency room visits cost $184 billion in US 2022.
Single source21Pediatric healthcare spending was $394 billion in 2022.
Verified22US elderly health spending per capita was $13,251 in 2022.
VerifiedHealthcare 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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