GET THE FACTS WITH THE 2020 10-K
Times like the present illustrate the nation’s need for trustworthy, accessible data; as the United States fights a pandemic at federal, state, and local levels, lawmakers and citizens need reliable data to make informed decisions.
But without a widespread system for reporting data, it’s hard to track down consistent, measurable facts on government spending and outcomes. All Americans are shareholders in this nation’s democracy, and USAFacts believes democracy functions best when everyone has access to the same data.
That’s where the US Government 10-K comes in. It combines data from more than 90,000 government entities and is the only place for a close accounting on federal, state, and local levels. This new 10-K yields interesting findings about the state of the nation, such as:
Between 2007 to 2017, government spending on nutritional assistance grew faster than the increase of people in poverty.
The Supplemental Nutrition Assistance Program (SNAP), aka “food stamps,” accounts for 1% of government expenses. SNAP recipients peaked in 2013 and have decreased each year since. The cost of SNAP went up 109% from 2007 to 2017, faster than population growth (up 8%), or the increase of people in poverty (up 6%).
Americans are saving more.
Americans saved 13% of their post-tax income in 2017, up from 9% a decade prior. Americans are also holding more wealth in pensions, 401(k)s, and other savings. Private retirement plans reached $103,000 in average assets, a 25% increase since 2007 (adjusted for inflation).
Healthcare cost increases put pressure on government spending as well as costs for companies and individuals.
Healthcare costs are growing faster than our population or general inflation. In 2017, they reached $3.5 trillion. Americans spend 23% of their post-tax income on healthcare, inclusive of insurance. The government pays for 45% of all healthcare spending in the US.
Government data is out of date.
The lagging nature of government data itself is troubling. In fact, for a full picture of government finances, we have to go back to 2017. Other information is released at various intervals, usually years behind. How, when, and what to report—it’s a bit of a free for all. This 10-K can serve as a template for governments to share data consistently.
These are just some of the interesting findings in this year’s 10-K. Read the rest and dive into the full report here. Decide what you do and don’t like, given the outcomes. After that, will you push the government to continue this course or advocate for change? The facts are in your hands.
COVID-19 A LEADING CAUSE OF DEATH IN THE US
Between April 1st and April 21st, at least 35,000 deaths reported at state and local levels were related to COVID-19, making the virus one of the top causes of death in the US this month. See the scale below and click through for a larger view:
The Centers for Disease Control and Prevention keeps a provisional death count for COVID-19, including deaths attributed to pneumonia or influenza. This is because some coronavirus deaths might presently be misclassified as pneumonia or influenza deaths. Therefore, the total coronavirus death count is likely higher than confirmed data indicates.
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