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Willisms

« Quotational Therapy: Part 36-- Federalist Papers. | WILLisms.com | Some Call It A Bonfire/Carnival Of Classiness... »

Trivia Tidbit Of The Day: Part 140 -- Historical Deficit/Surplus As Percentage Of GDP.

Deficits and Surpluses-

Yesterday, the Congressional Budget Office released its analysis of the federal budget, noting that the deficit will be smaller than expected, and smaller than last year. The expectation is for shrinking deficits into the future, as well.

deficitorsurplusaspercentag.gif

As a percentage of our national economy, the current deficit is well within a reasonable historical range.

uncertainty.gif

Into the future, it is difficult to project spending and revenues, but the CBO tried to offer a range of possibilities, based on scenarios which may or may not come true. Some factors may jolt the projections one way or another. The Alternative Minimum Tax (AMT), making tax relief permanent, whether the economy continues to grow (and how rapidly), entitlement reform or not, and other geopolitical circumstances could move the line up or down.

But if the economy continues to grow, and we keep spending growth somewhat in check, it is very much within the realm of possibility that we could see a balanced budget-- or surpluses-- again soon.

Source:
Congressional Budget Office (CBO), August 2005 Budget Outlook, (.pdf).


-------------------------------------

Previous Trivia Tidbit: Jobs.

Posted by Will Franklin · 16 August 2005 10:51 AM

Comments

The record should reflect that you appear to be using the total deficit figures, not the on-budget deficit.

Posted by: KipEsquire at August 16, 2005 11:57 AM