…USA Entitlements = 61% vs. 42% of Government Spending Thirty Years Ago USA Expenses by Category $1.1T $4.1T 100% 10% 14% 8% 1988 Æ2018 Change 16% 16% Debt* d +$14T (+668%) 15% el i Entitlements Y es y +$2.1T (+463%) ns ur eas pe 50% 27% 5% r x 61% T Non-Defense E Discretionary A 10Y US +$465B (+268%) SA U Defense 42% +$332B (+114%) Net Interest Cost: +$173B (+114%) 0% 0% 1988 2018 Entitlements / Mandatory Defense 10 Year Treasury Yield Non-Defense Discretionary Net Interest Cost Source: Congressional Budget Office, White House Office of Management & Budget, USA Treasury *Debt reflects net debt (i.e. excludes debt issued by The Treasury & owned by other Government accounts) Internet Trends Note: Yellow line represents yield on 10-year USA Treasury bill from 12/31/87 to 12/31/18. 267 2019