Fun fact: the deficit would be shockingly close to zero today with Clinton-era tax levels.
Back when we had a surplus in 2000, federal revenues were ~20% of GDP.
In 2018, feds spent ~20.3% of GDP
Deficit would have been ~0.3% GDP w/Clinton-2000-era tax $
=*<$100 billion deficit.*
After a succession of tax cuts, revenue has dropped to 16.5% GDP.
Deficit? $779 billion.
In 2018, feds spent ~20.3% of GDP
Deficit would have been ~0.3% GDP w/Clinton-2000-era tax $
=*<$100 billion deficit.*
After a succession of tax cuts, revenue has dropped to 16.5% GDP.
Deficit? $779 billion.
2000 arguably an anomaly - top of dotcom boom, etc
But tax cuts as scored by CBO are big part of deficit: Fiscal Cliff deal which extended most of the Bush tax cuts scored as ~$400B deficit for fiscal 2018 alone.
Trump tax law scored as $135B cut in '18; $280B in '19
But tax cuts as scored by CBO are big part of deficit: Fiscal Cliff deal which extended most of the Bush tax cuts scored as ~$400B deficit for fiscal 2018 alone.
Trump tax law scored as $135B cut in '18; $280B in '19
It's also true that Medicare, Medicaid and Social Security have large liabilities in the future as the population ages & health costs grow
Annual financial report of USA finds a $49 trillion, 75-year gap between Medicare/Social Security costs & revenue.
fiscal.treasury.gov/fsreports/rpt/…
Annual financial report of USA finds a $49 trillion, 75-year gap between Medicare/Social Security costs & revenue.
fiscal.treasury.gov/fsreports/rpt/…
Other things Congress passed since 2000 via nat'l credit card include:
*Wars
*Medicare Part D
*Disasters
*Stimulus
*Wars
*Medicare Part D
*Disasters
*Stimulus
