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On
spending, it is important to recall how extraordinary the blowout of
the last three years has been. We've seen nothing like it since World
War II. Nothing close. The nearby chart tracks federal outlays as a
share of GDP since 1960. The early peaks coincide with the rise of the
Great Society, the recession of 1974-75, and then a high of 23.5% with
the recession of 1982 and the Reagan defense buildup.
From there, spending declines, most rapidly
during the 1990s as defense
outlays fell to 3% of GDP in 2000 from its Reagan peak of 6.2% in 1986.
The early George W. Bush years saw spending bounce up to a plateau of
roughly 20% of GDP, but no more than 20.7% as recently as 2008.
Then came the Obama blowout, in league with Nancy Pelosi's Congress. [Full]
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But Wait!
27 more words. My Treat.
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As
of the end of the second quarter of 2011, the US GDP was
15.003 trillion.[6] Total Public Debt Outstanding as a percentage of
GDP was 100% [Source-
United States public debt] |
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