Maryland Recommended Spending Percentages
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In 2020, Maryland's Gross Domestic Product (GDP) was $410.7 billion, 15th in the nation, and down from $421.6 billion in 2019. The largest sector in 2020 was finance, insurance, and real estate, followed by government, and then professional and business services.
Expenditures generally include spending on government salaries, infrastructure, education, public pensions, public assistance, corrections, Medicaid, and transportation.
As Figure A suggests, Social Security is the single largest mandatory spending item, taking up 38% or nearly $1,050 billion of the $2,736 billion total. The next largest expenditures are Medicare and Income Security, with the remaining amount going to Medicaid, Veterans Benefits, and other programs.
In 2020, Congress budgeted $1.6 trillion in discretionary spending. By far, the biggest category of discretionary spending is spending on the Pentagon and military. In most years, this accounts for more than half of the discretionary budget.
In state fiscal year (SFY) 2018, state and local child welfare agencies spent $33 billion using a combination of federal, state, local, and other funds. State and local child welfare agencies rely on multiple funding streams to administer programs and services.
Maryland records show a gradual, but uneven, change in currency from "pounds" to "dollars." Montgomery County tax assessments in 1793, 1798, and 1804 were listed in pounds; in 1813, the currency changed to dollars.
Nearly 60 percent of mandatory spending in 2019 was for Social Security and other income support programs (figure 3). Most of the remainder paid for the two major government health programs, Medicare and Medicaid.
The four main areas of federal spending are national defense, Social Security, healthcare, and interest payments, which together account for about 70% of all federal spending. When a government spends more than it collects in taxes, it is said to have a budget deficit.
The individual income tax, retail sales tax, and State Lottery are the three largest sources of general fund revenue. Other sources include the corporate income tax and other business taxes, alcohol and tobacco taxes, and miscellaneous taxes and fees.
This category includes entitlement programs such as Social Security, Medicare, and unemployment compensation. It also includes welfare programs such as Medicaid. Social Security will be the biggest expense, budgeted at $1.196 trillion. It's followed by Medicare at $766 billion and Medicaid at $571 billion.
