us economy

US debt and deficit stats

US debt and deficit stats

A selection of graphs and statistics about US Federal debt and the US Federal budget deficit / surplus. US Federal Deficit since 1946 The federal deficit is the annual difference between federal spending and federal tax revenues. For example, in 2012, Federal receipts (tax e.t.c) were $2,450.2 billion ($2.4 trillion) (15.8% of GDP) Federal spending was $3,537.1 billion (22.8% of GDP), leaving a federal deficit of  $1,087.0 billion ($1.1 trillion) (7.0% of GDP) Source: Whitehouse.gov  US borrowing during World War Two

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US economy stats

A short summary of main US economy stats and where to find more detailed stats. Other data GDP: $16.66 trillion (Q-2 2013) GDP per capita $49,601 (2012) 10th, nominal; 6th, PPP Gini coefficient 0.48 (2011) Labor force 155.6 million (11.26 mil. unemployed) Related pages at economicshelp.org History of US national debt Other helpful external links Budget deficit historicals – at Whitehouse.gov US Bureau of labour statistics US Bureau of economic analysis US Data.gov

Causes of US Budget Deficit

Causes of US Budget Deficit

This graph illustrates some of the different causes of the US budget deficit. Source: CBO estimates 2012 | via Krugman This shows how the deficit has been affected by certain issues. Cyclical factors Cyclical spending and lost tax revenues due to recession. Expansionary fiscal policy (economic recovery measures) Financial intervention to bailout banks and financial institutes. Structural Factors Bush tax cuts Cost of wars (unexpected spending) The particular graph doesn’t show other factors affecting the budget deficit, such as growth in health care spending, the cost of social…

Could US Make Same Mistakes as Europe?

Could US Make Same Mistakes as Europe?

In 2009, US and EU unemployment rates both stood at 10% – but since then EU unemployment has increased to 12% and US unemployment fallen to 7.9%. (see: US v EU unemployment) These contrasting fortunes in unemployment are a reflection of diverging rates of economic growth. Whilst, Europe has entered a double dip recession, the US has experienced a sustained economic recovery. It is also a reflection of different economic policy – the EU has become obsessed with reducing budget deficits, the US has given more focus to promoting…

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US Fiscal Cliff Explained

One of the most talked about issues in US politics is the US fiscal cliff. The fiscal cliff refers to the situation at the end of 2012, where a series of tax increases and spending cuts (worth $600bn)  are due to come into force automatically. This amounts to  This will reduce the budget deficit, but cause lower growth. The alternative is to reject these planned budget cuts and allow the deficit to continue to grow. This will allow stronger economic growth, but leave the debt issue unchallenged. A complicating factor for…

American Election Economics

American Election Economics

I only take a passing interest in American politics. I’m just grateful not to live in Ohio, where voters have been subject to hours and hours of political ad campaigns. According to a newsnight presenter, if the 150,000  ads were all lined up, they would last for four consecutive days. (although I’m sure that would constitute cruel and unusual punishment. I think I’d talk after the first six hours). I’ve never seen an American political ad, but I doubt they explain the nuances of balance sheet recessions, liquidity traps…