Just like you decide how to spend your pocket money, the government gets its money from a different type of taxes to finance various public services like schools, hospitals, the police, and housing. Understanding where state tax dollars go can help explain how countries spend their money.
Indeed, the government helps educate children, build and repair roads & bridges, provide health coverage for low-income groups, and much more. As a result, spending money on such services is economic vitality. It helps build strong and healthy nations.
The US government spent $70, 352,596,760 for education expenditures In 2017/2018, which is 5.3 percent of GDP
We all know that money can be hard to manage. Yet, with the Gross Domestic Product indicator, it’s easier to determine a country’s economy and health.
- Related: Check our infographic about how much money Americans spend.