RSSSpending and Taxes as a Percentage of Gross Domestic Product 1980-2007
This chart combines the data from Government Spending as a Percentage of GDP and Tax Collections as a Percentage of GDP. Although the recent deficits (2001-2007) appear large in absolute dollar figures (Chart Federal Surpluses and Deficits), when viewed as a percentage of GDP the results may be surprising. Of the 24 deficit years shown in the chart, the deficits in nine of those years (1982-1986 and 1990-1993) were actually larger as a percentage of GDP than any of the post-2000 deficits
3 Responses to “Spending and Taxes as a Percentage of Gross Domestic Product 1980-2007”
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June 22nd, 2008 at 4:28 pm
Check out the drastic drop in taxes collected as a function of GDP since Bush took office. The Republican Agenda of lowering taxes is destined to fuel this fire of national bankruptcy.
June 24th, 2008 at 10:08 am
No Don, it’s the social programs that will bankrupt this country or haven’t you been paying attention?
October 25th, 2008 at 10:36 am
The drop in taxes was due to the huge cut in GDP and the gigantic internet/computer/internet/Y2K bubble burst just before the 9/11 attack which was estimated to have cost a trillion in lost GDP. Taxes were cut to increase economic growth.
Despite all this and the War on terrorists, Debt to GDP excluding intra-governmental debt was lower on average During GWB than during Clinton. That is because of the emphasis on economic growth.