More Federal Dollars Pouring into Maine . . .
Today, the U.S. Census Bureau released their 2005 Consolidated Federal Funds Report. In a nutshell, the report tracks federal expenditures to the 50 states and territories. The report is based on the federal fiscal year. Between 2004 and 2005, federal expenditures increased in Maine by nearly $500 million–see the first Chart below–to $11.356 billion from $10,865 billion.
The second chart shows the change in spending by major expenditure category. Of the $500 million increase, “procurement” ($206 million) and “retirement and disability” ($179 billion) make-up the vast majority. Federal procurement in Maine consists mostly of purchases by the Department of Defense, namely Bath Iron Works and Portsmouth Naval Shipyard. Retirement and disability consists of Social Security and Medicare payments.
Every year the Tax Foundation takes this Census data and publishes their “Federal Tax Burdens and Expenditures by State” report. In the report they found that Maine receives $1.40 for every $1.00 sent to Washington in FFY 2004–up from $1.35 in FFY 1994. I will report the latest figures once they become available from the Tax Foundation. Also, I will be publishing some other interesting finding from the Census report in the near future.
Click “Continue Reading” for the charts.