Economic Power
Economic power is the ability to gather wealth, resources, and assets and to invest them over time. This gives individuals, organizations, or nations the strength to meet their needs, realize their ideas, and operate their businesses.
Deep Dive Into Economic Power
Economic mobility in the United States has always been rooted in divisions of people, better understood as the varying degrees they were valued in the country historically and presently.
Economic prosperity has only been afforded to those the federal government and financial institutions have deemed worthy of the privilege. Typically, they are people who are white, male, cisgender, straight, able-bodied, and middle to upper-class.
Ways to cultivate our collective economic power
Engage in Local Fundraising: Initiate or participate in local fundraising efforts or online campaigns to support community organizations and non-profits addressing key issues.
Promote Cooperative Ownership: Encourage the formation of cooperative businesses and enterprises within the community, fostering collective ownership and decision-making.
Advocate for Community Land Trusts: Collaborate with local officials and community members to assess the feasibility and desirability of establishing a community land trust. Community land trusts empower residents by jointly owning and managing land, allowing them to determine its use and protect against displacement and gentrification collectively.
Develop Community Resource Sharing Programs: Establish systems for sharing resources within the community, such as tool libraries, community gardens, or skill-sharing networks, to enhance collective wealth and resilience.
Establish Community Savings Accounts: Join or establish local community boards or bloc clubs and collaborate with members to create communal savings accounts. These accounts are accessible only with community consent and require consistent contributions from all members.
Foster Cooperative Housing Initiatives: Facilitate the development of cooperative housing projects within the community, enabling residents to collectively own and manage housing units, thereby promoting affordability, stability, and community-driven development.
2024 US Federal Budget Spending
Congress begins work on a federal budget for the next fiscal year every year. The federal government’s fiscal year runs from October 1 of one calendar year through September 30 of the next. The United States federal budget as of 6/30/2024 total expenditures of approximately $5,022,456,273,652 ($5 trillion dollars)
The federal government spends money on various goods, programs, and services to support the American public and pay interest from borrowing. In fiscal year (FY) 2023, the government spent $6.13 trillion, more than it collected (revenue), resulting in a deficit.
Categories in the Federal Budget
In the US federal spending, Social Security receives the largest allocation, ensuring retirement benefits for seniors. Net Interest is the cost of servicing the national debt. Health funding supports public health initiatives and programs. National Defense secures military and defense operations. Medicare provides healthcare for seniors. Income Security assists low-income individuals and families.
Veterans Benefits and Services support military veterans. Education, Training, Employment, and Social Services fund public education and job training programs. Transportation maintains and improves infrastructure. Community and Regional Development fosters local development projects. Other categories cover a range of additional federal expenditures.