Wednesday, 14 March 2012

Reports say benefits cost U.S. $507 billion

WASHINGTON Federal spending on retirement and disability topped ahalf-trillion dollars for the first time last year, totaling $507.2billion, the Census Bureau said Tuesday.

Overall, Uncle Sam spent $1.5 trillion for domestic benefits,subsidies, grants, goods and services, and salaries and wages infiscal year 1998, the bureau said in two reports.

That total represents a 3.4 percent increase over 1997."The main reasons for the increase were payments for disabilityand retirement, grants and procurement contracts," said GerardKeffer, chief of the Census Bureau's Federal Programs Branch.The $507 billion in direct payments for disability andretirement was up from $489 …

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