Cuts for you. Spending for me.

Where are your taxes going? While costs continue to rise and funds for public programs are slashed, the U.S. government continues to spend billions.

Total Cuts —

Total New Spending —

Funding cut from

Public programs and services

New and reallocated

Federal spending

What you're seeing Funding stripped from public programs (left) versus new financial commitments made by the U.S. government (right).

Dive deeper Zoom in with mouse wheel. Click on any item for details and sources.

Follow the money Compare the cuts against the spending, and reflect on how the government's financial reality contrasts with the taxpayer's.

State of the economy Click on Trends to see how prices of goods are changing as taxpayers pay more for less.

Context matters When viewing trends, consider the impact of major global disruptions like the recent pandemic and geopolitical conflicts.

Inflation

U.S. CPI 12-month change

The Consumer Price Index for All Urban Consumers rose 3.5% over the last 12 months.

annual

Latest readings

Updated Jun 30, 2026

All items CPI-U 3.5% 2026

What moved the line

Cause and Effect

January-June 2026
Tariffs and Middle East oil disruptions pushed inflation sharply higher again.
- ↗Monetary Policy Report – July 2026https://www.federalreserve.gov/monetarypolicy/2026-07-mpr-part1.htm
- ↗Inflation jumps again with gas prices running higher than in past yearshttps://apnews.com/article/inflation-federal-reserve-spending-d9348cc01b41c8de31051acf1b39268f
2023-2024
Healing supply chains and slower shelter inflation drove inflation sharply lower.
- ↗Additional Information About the Economic Outlook: 2025 to 2035https://www.cbo.gov/publication/61189
- ↗Speech by Chair Powell on the economic outlookhttps://www.federalreserve.gov/newsevents/speech/powell20240930a.htm
2022
Ukraine war disruptions kept food and energy inflation unusually high.
- ↗Monetary Policy Report – June 2022https://www.federalreserve.gov/monetarypolicy/2022-06-mpr-part1.htm
2021
Reopening demand, fiscal support, and supply bottlenecks sent inflation soaring.
- ↗Monetary Policy and Economic Developmentshttps://www.federalreserve.gov/publications/2021-ar-monetary-policy.htm
- ↗Effects of Supply Chain Bottlenecks on Prices using Textual Analysishttps://www.federalreserve.gov/econres/notes/feds-notes/effects-of-supply-chain-bottlenecks-on-prices-using-textual-analysis-20211203.html
2020
Pandemic shutdowns weakened demand and lowered oil prices, reducing inflation.
- ↗Monetary Policy and Economic Developmentshttps://www.federalreserve.gov/publications/2020-monetary-policy.htm

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