Selected US Price Level and Government and Economy Data, 1774 to 2012
|
|
- Byron Cooper
- 7 years ago
- Views:
Transcription
1 Graphs showing Selected US Price Level and Government and Economy Data, 1774 to National government budget outlays in billions of constant (212) dollars and as a percent of economy 2. Total government spending (national, state, and local) 1948 to 211, as percent of economy 3. US price levels 1774 to 212, with 212 = 1 4. US price levels 1774 to 212 in constant 212 dollars, logarithmic scale to highlight rate of change 5. US price levels 195 to 212, with 212 = 1 6. Yearly inflation or deflation rate (CPI-U) 1774 to 212, in percent (data prior to 1913 are economic historian estimates) 7. Yearly inflation or deflation rate (CPI-U) 1915 to 212, in percent 8. US gross domestic product (GDP) and national government revenues in inflation-adjusted (212) dollars and GDP percent, US estimated gross domestic product (GDP) in current and inflation-adjusted dollars and GDP per capita in constant (212) dollars, 1792 to Trends in national debt held by the public 1948 to 212 in current and constant dollars and as percent of GDP 11. Change in inflation-adjusted national debt held by the public, by presidential term, 1948 to Minimum wage in current and constant (212) dollars, 1938-estimated 213, including nominal minimum wage required to equal the peak (1968) inflation-adjusted minimum wage 13. National defense outlays 1948 to 212 in current and constant (212) dollars and as percent of GDP 14. Change in inflation-adjusted national defense spending by presidential term, 1948 to 212, in percent As noted below, price level measures have changed over time, so trends should be seen as only approximations. Data for years prior to 1913 (for CPI) and prior to 1929 (for gross domestic product) are based on estimates by economic historians, from Peter H. Lindert and Richard Sutch, Consumer price indexes, for all items: Table Cc1-2 and other tables in Historical Statistics of the United States, Earliest Times to the Present: Millennial Edition, edited by Susan B. Carter, Scott Sigmund Gartner, Michael R. Haines, Alan L. Olmstead, Richard Sutch, and Gavin Wright (New York: Cambridge University Press, 26). Calculations starting 1913 use the CPI-U as the base, from the US Bureau of Labor Statistics. Monthly and annual CPI data are available at the BLS web site: (CPI-U = all urban consumers). Population data and estimates are from the Census Bureau. Gross domestic product (GDP) numbers are from the Bureau of Economic Affairs (BEA) for 1929 to the present. For earlier years, GDP estimates are from the Historical Statistics source listed above and also from the Economic History net, at For additional CPI information, see the BLS CPI page, and also the online inflation conversion factor site, below. My inflation conversion factor web page is available at Revised conversion factors using final 212 and estimated 213 data will be posted in late February or March 213, after the Office of Management and Budget and Congressional Budget Office publish their inflation estimates for 213 and later years. Robert Sahr, Political Science Department, Oregon State University, Corvallis, Oregon robert.sahr@oregonstate.edu. Home page: On sabbatical at the School of Media and Public Affairs, George Washington University, Washington, DC 252; telephone: (22) ; fax: (22) sumprice_
2 Percent of Economy (GDP) Billions of 212 Dollarss Selected US Price Level and Government and Economy Data, 1774 to 212, page National Government Budget Outlays in Billions of Constant (212) Dollars and as Percent of Economy, and Revenues and Surplus or Deficit as Percent of Economy, 1952 to 212 Left Scale 4,5 4, 3,5 3, 15 2,5 1 5 Right Scale 2, 1,5 1, 5-5 Left Scale Read this as follows: In budget year 2, outlays were 18.4 percent of the economy, -5-1 receipts were 2.8 percent, and the resulting surplus was 2.4 percent of the economy; outlays (right scale) were $2,95 billion (26$) -1, (this precision will not be evident -15 from the chart with the scale used) -1, Surplus or deficit as % GDP Outlays as % GDP Receipts as % GDP Outlays Billions of 212 Dollars (Right Scale) Source of current-dollar and percent of GDP data: Budget of the United States 213 Historical Tables, Table 1.1 and CBO, February 213 Update; Inflation-adjustment with CPI-U-X1, which applies the post-1982 CPI to the entire period starting 195 This graph shows the national government budget in billions and trillions of dollars and also as percent of the economy (that is, in fingers-and-toes sized numbers), which portray changes over time in ways much easier to comprehend than billions and trillions.
3 Selected US Price Level and Government and Economy Data, 1774 to 212, page 3 US Total Government Spending (National, State, and Local) 1948 to 211, as Percent of Economy (Gross Domestic Product [GDP]) Total Government Expenditures Total National Government Outlays State and Local Government Expenditures From Own Sources Source of Data: Budget of the United States 213 Historical Tables, Table 15.3
4 Selected US Price Level and Government and Economy Data, 1774 to 212, page 4 1 US Price Levels 1774 to 212, with 212 = Washington inaugurated 1789 Revolutionary War War of Civil War World War I World War II Vietnam War Conversion factors for years before 1913 are re-based from data from the Historical Statistics of the United States Millennial Edition (Cambridge University Press, 26). Calculation starting 1913 uses the CPI-U as the base, from the US Bureau of Labor Statistics. Monthly and annual CPI data are available at the BLS web site: (CPI-U = all urban consumers). Caution: Inflation measures have changed over time, so trends should be seen as only approximations, especially prior to 1913.
5 Selected US Price Level and Government and Economy Data, 1774 to 212, page 5 Price Levels in Constant 212 Dollars, Logarithmic Scale 1. Note: Logarithmic scale shows rate of change, with steeper slope showing higher rates of inflation Conversion factors for years before 1913 are re-based from data from the Historical Statistics of the United States Millennial Edition (Cambridge University Press, 26). Calculation starting 1913 uses the CPI-U as the base, from the US Bureau of Labor Statistics. Monthly and annual CPI data are available at the BLS web site: (CPI-U = all urban consumers).
6 Selected US Price Level and Government and Economy Data, 1774 to 212, page 6 11 US Price Levels 195 to 212, with 212 = Oil-price-stimulated price changes 2 1 Korean War Vietnam War Monthly and annual CPI data are available at the BLS web site: (CPI-U = all urban consumers).
7 Selected US Price Level and Government and Economy Data, 1774 to 212, page 7 Yearly Inflation or Deflation Rate (CPI-U) 1774 to 212, in Percent Calculation uses the CPI-U as the base, from the US Bureau of Labor Statistics. Monthly and annual CPI data are available at the BLS web site: (CPI-U = all urban consumers).
8 Selected US Price Level and Government and Economy Data, 1774 to 212, page 8 Yearly Inflation or Deflation Rate (CPI-U) 1915 to 212, in Percent Calculation uses the CPI-U as the base, from the US Bureau of Labor Statistics. Monthly and annual CPI data are available at the BLS web site: (CPI-U = all urban consumers).
9 Billions of inflation-adjusted (211) dollars Percent of Gross Domestic Product Selected US Price Level and Government and Economy Data, 1774 to 212, page 9 25, US Total Estimated GDP and National Government Revenues (billions 212 dollars) and National Government Revenues as Percent of GDP The highest value shown on this axis is $3 billion. 2, 2 15, 15 1, 1 5, Gross Domestic Product (billions 212 $) National Government Revenues % GDP National Government Revenues (212 $ billions)
10 GDP in Billions of Dollars GDP Per Capita in Dollars Selected US Price Level and Government and Economy Data, 1774 to 212, page 1 US Gross Domestic Product in Current and Inflation-Adjusted Dollars and GDP per capita in Constant (212) Dollars, 1789 to 212 $17, $68, $16, $64, $15, $14, $13, The highest value shown on this axis is $15 trillion. Caution: GDP data prior to 1929 are estimates only. Population estimates are from the Census Bureau. $6, $56, $52, $12, $48, $11, $44, $1, $4, $9, $36, $8, $32, $7, $28, $6, $24, $5, $4, $3, $2, Right Scale Left Scale $2, $16, $12, $8, $1, $4, $ $ Nominal GDP (billions of dollars) Real GDP (billions of 212 dollars) Real GDP Per Capita (212 dollars) Nominal dollar data from Economic History net, (for 1789 to 1928) and Bureau of Economic Analysis, (for 1929 to 212)
11 Billions of Dollars Percent of GDP Selected US Price Level and Government and Economy Data, 1774 to 212, page 11 National Debt Held by the Public in Billions of Current and Constant (212) Dollars and as Percent of Gross Domestic Product (GDP), 194 to , Highest value shown = $18 trillion ($18, billion) 12 1, 8, Right Scale Debt "owned by the public" excludes that part of the debt owned by US government agencies; most economists consider it a better measure than "gross national debt" 1 8 6, 6 4, 4 2, Left Scale Debt held by the public (billions 212$) Debt held by the public (billions) Total debt held by public (% GDP) From and calculated from Budget of the United States 213 Historical Tables, Table 7.1;updated from CBO, February 213.
12 Selected US Price Level and Government and Economy Data, 1774 to 212, page 12 Percent Change in Inflation-adjusted Total Debt Owned by the Public by Presidential Term, (Obama three budget years only) Debt "owned by the public" excludes that part of the debt owned by US government agencies; most economists consider it a better measure than "gross national debt" This shows change in 4-year terms starting with the year for which a president controls the budget, e.g., after budget year 21 (that is, budget years 22 and later) for President George W. Bush, after budget year 1993 (that is budget years 1994 and later) for President Clinton Truman Ike I Ike II JFK- Johnson Johnson Nixon Nixon- Ford Carter Reagan I Reagan II GHW Bush Clinton I Clinton II GW Bush I GW Bush II Obama I [3 years] Source of current-dollar data: Budget of the United States 213, Historical Tables, Table 7.1; updated from CBO February 213
13 Selected US Price Level and Government and Economy Data, 1774 to 212, page 13 1,2 National Defense Total Outlays in Billions of Current and Constant (21) Dollars, 194 to estimated 212 1, 1, National defense total (billions) National defense total in constant dollars (212 billions) Source of current-dollar data: Budget of the United States 212 Historical Tables, Table 3.1; because CPI-U-X1 is not available until 195, this chart uses CPI-U to adjust for inflation
14 Selected US Price Level and Government and Economy Data, 1774 to 212, page 14 Change in Inflation-adjusted National Defense Outlays by Presidential Term, 1952 to 212, in Percent 5 4 Democrats solid bars; Republicans lined bars Ike I Ike II JFK-LBJ Johnson Nixon Nixon-Ford Carter Reagan I Reagan II GHW Bush Clinton I Clinton II GW Bush I GW Bush II Obama I Source of current-dollar data: Budget 213 Historical Tables, Table 3.1 Note: Inflation adjustment with CPI-U-X1, which applies the post-1982 CPI measure to the entire period
15 Selected US Price Level and Government and Economy Data, 1774 to 212, page 15 $12. $11. $1. Minimum Wage in Current and Constant (212) Dollars, 1938 through estimated 213 Highest: $1.53 (1968) Nominal minimum wage required to equal 1968 peak real minimum wage (CPI-U) $9. $8. $7. $6. $5. $4. $4.1 $3. $2. $1. Lowest: $3.74 (1948) The CPI-U-X1 data series applies the post CPI to the entire period, beginning 195 $ Current Dollars Nominal minimum wage required to match 1968 peak real minimum wage (CPI-U) Constant (212) Dollars Nominal minimum wage required to match 1968 peak real minimum wage (CPI-U-X1)
Costs of Major U.S. Wars
Order Code RS22926 July 24, 2008 Costs of Major U.S. Wars Stephen Daggett Specialist in Defense Policy and Budgets Foreign Affairs, Defense, and Trade Division Summary This CRS report provides estimates
More informationEconomic Outlook: Middle-Class Families Find Little Relief from Stagnant Wages and Rising Prices
Economic Outlook: Middle-Class Families Find Little Relief from Stagnant Wages and Rising Prices The first half of 2005 was hard on middle-class families. As wage and employment growth trends remain at
More informationCosts of Major U.S. Wars
Stephen Daggett Specialist in Defense Policy and Budgets June 29, 2010 Congressional Research Service CRS Report for Congress Prepared for Members and Committees of Congress 7-5700 www.crs.gov RS22926
More informationThe Problem with Indexing to the Consumer Price Index Instead of to Medical Inflation
The Problem with Indexing to the Consumer Price Index Instead of to Medical Inflation It is important to recognize that the Consumer Price Index (CPI) is a weighted average of the change in prices of goods
More informationOnline Appendix: Structural Transformation and the Oil Price 1
Online Appendix: Structural Transformation and the Oil Price 1 Radoslaw (Radek) Stefanski Laval University and OxCarre December 1, 2013 1 All errors are my own. Contact: radek.stefanski@ecn.ulaval.ca 1
More informationProfessor Christina Romer. LECTURE 17 MACROECONOMIC VARIABLES AND ISSUES March 17, 2016
Economics 2 Spring 2016 Professor Christina Romer Professor David Romer LECTURE 17 MACROECONOMIC VARIABLES AND ISSUES March 17, 2016 I. MACROECONOMICS VERSUS MICROECONOMICS II. REAL GDP A. Definition B.
More information13.8% Inflation-adjusted GDP (billions) Cumulative growth 2009 to Q3 2015. Exhibit 1 Steady U.S. Economic Growth After a Severe Recession $17,000
Exhibit 1 Steady U.S. Economic Growth After a Severe Recession Inflation-adjusted GDP (billions) $17,000 $16,000 $15,000 $14,000 $13,000 13.8% Cumulative growth 2009 to Q3 2015 $12,000 $11,000 $10,000
More informationData Practice with FRED Measures of Inflation Objectives
Data Practice with FRED Measures of Inflation Objectives In this FRED data practice, you will learn: About different ways to measure inflation (CPI, (steps 4-14), GDP deflator (step 15) Different ways
More informationUNR Economics Working Paper Series Working Paper No. 06-008. Does the Party in Power Matter for Economic Performance?
UNR Economics Working Paper Series Working Paper No. 06-008 Does the Party in Power Matter for Economic Performance? Elliott Parker Department of Economics /030 University of Nevada, Reno Reno, NV 89557-0207
More informationFederal Budget in Pictures CUT SPENDING // FIX THE DEBT // REDUCE THE TAX BURDEN
2014 Federal Budget in Pictures CUT SPENDING // FIX THE DEBT // REDUCE THE TAX BURDEN 2014 Federal Budget in Pictures CUT SPENDING // FIX THE DEBT // REDUCE THE TAX BURDEN The Thomas A. Roe Institute for
More informationAdditional information >>> HERE <<< US Dollar Collapse User Review
Additional information >>> HERE
More informationThe U.S. Presidency and the Stock Market: A political relationship study of the market performance
1 The U.S. Presidency and the Stock Market: A political relationship study of the market performance ABSTRACT Ray M. Valadez Pepperdine University With the presidential election taking shape this year
More informationMacroeconomia Capitolo 7. Seguire l andamento della macroeconomia. What you will learn in this chapter:
Macroeconomia Capitolo 7 Seguire l andamento della macroeconomia PowerPoint Slides by Can Erbil 2006 Worth Publishers, all rights reserved What you will learn in this chapter: How economists use aggregate
More informationLIMITING GOVERNMENT: THE FAILURE OF STARVE THE BEAST William A. Niskanen
LIMITING GOVERNMENT: THE FAILURE OF STARVE THE BEAST William A. Niskanen For nearly 30 years, many Republicans have argued that the most effective way to control federal government spending is to starve
More informationFRED Data Practice: U.S. deficit and debt Objectives
FRED Data Practice: U.S. deficit and debt Objectives In this FRED data practice, you will learn: Several different ways to measure the government s financial situation (Federal Deficit, Debt as a % of
More informationFederal Budget in Pictures CUT SPENDING // FIX THE DEBT // REDUCE THE TAX BURDEN$
2015 Federal Budget in Pictures CUT SPENDING // FIX THE DEBT // REDUCE THE TAX BURDEN$ 2015 Federal Budget in Pictures CUT SPENDING // FIX THE DEBT // REDUCE THE TAX BURDEN Thomas A. Roe Institute for
More informationPre- and Post-Test for The Great Depression Curriculum Answer Key
Pre- and Post-Test for The Great Depression Curriculum Answer Key 1. Deflation occurs when: a. there is a sustained increase in the price of gasoline. b. there is a sustained decrease in the price of gasoline.
More informationEXTENDING EXPIRING TAX CUTS AND AMT RELIEF WOULD COST $3.3 TRILLION THROUGH 2016 By Joel Friedman and Aviva Aron-Dine
820 First Street NE, Suite 510 Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org Revised March 15, 2006 EXTENDING EXPIRING TAX CUTS AND AMT RELIEF WOULD COST $3.3 TRILLION
More informationChapter 5: GDP and Economic Growth
Chapter 5: GDP and Economic Growth Be Mean Green! Please consider the environment before printing this Chapter Outline. It ll be available online throughout the semester. For Firms private accounting measures
More informationMarch 19, 2014 The President s Budget in Pictures By Jasmine Tucker Chart assistance by Daniel Gautreau
nationalpriorities.org research@nationalpriorities.org (413) 584 9556 March 19, 2014 The President s Budget in Pictures By Jasmine Tucker Chart assistance by Daniel Gautreau President Obama recently released
More informationObjectives for Chapter 9 Aggregate Demand and Aggregate Supply
1 Objectives for Chapter 9 Aggregate Demand and Aggregate Supply At the end of Chapter 9, you will be able to answer the following: 1. Explain what is meant by aggregate demand? 2. Name the four categories
More information11/6/2013. Chapter 16: Government Debt. The U.S. experience in recent years. The troubling long-term fiscal outlook
Chapter 1: Government Debt Indebtedness of the world s governments Country Gov Debt (% of GDP) Country Gov Debt (% of GDP) Japan 17 U.K. 9 Italy 11 Netherlands Greece 11 Norway Belgium 9 Sweden U.S.A.
More informationTHE PRESIDENCY OF GEORGE W. BUSH January 11-15, 2009
CBS NEWS/NEW YORK TIMES POLL FOR RELEASE: Friday, January 16, 2009 6:30 pm EST THE PRESIDENCY OF GEORGE W. BUSH January 11-15, 2009 President George W. Bush will leave office with some of the most negative
More informationDoes My State Have a Structural Deficit?
Does My State Have a Structural Deficit? Bruce Gates & Fred Thompson Atkinson Graduate School of Management Willamette University, Salem OR The Federal Budget State Budgets The Oregon Case Next page Cash
More informationOBAMA IS FIRST AS WORST PRESIDENT SINCE WWII, QUINNIPIAC UNIVERSITY NATIONAL POLL FINDS; MORE VOTERS SAY ROMNEY WOULD HAVE BEEN BETTER
Tim Malloy, Assistant Director, Quinnipiac University Poll (203) 645-8043 Rubenstein Associates, Inc. Public Relations Contact: Pat Smith (212) 843-8026 FOR RELEASE: JULY 2, 2014 OBAMA IS FIRST AS WORST
More informationChapter 10 Fiscal Policy Macroeconomics In Context (Goodwin, et al.)
Chapter 10 Fiscal Policy Macroeconomics In Context (Goodwin, et al.) Chapter Overview This chapter introduces you to a formal analysis of fiscal policy, and puts it in context with real-world data and
More informationGDP Measuring Output and Income Part II. Alternative Measures Real World Approximations. Reading: RJB for lecture 5
GDP Measuring Output and Income Part II Alternative Measures Real World Approximations Reading: RJB for lecture 5 GDP: Statistical Approximations The Bureau of Economic Analysis (BEA) provides both annual
More informationMetropolitan Washington Economic Outlook: Tears in Our Beer or Dancing in the Streets?
Metropolitan Washington Economic Outlook: Tears in Our Beer or Dancing in the Streets? Center for Regional Analysis School of Public Policy George Mason University March 18, 215 (s) 1 8 6 4 2-2 -4-6 -8
More informationHousehold Income Effects of the Washington Metro Area
Metropolitan Washington Council of Governments Board of Directors Company Town to Global Business Center: Getting There from Here Terry L. Clower, Ph.D. Northern Virginia Chair and Professor of Public
More informationEXTENDING THE PRESIDENT S TAX CUTS AND AMT RELIEF WOULD COST $4.4 TRILLION THROUGH 2018 By Aviva Aron-Dine
820 First Street NE, Suite 510 Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org Revised March 28, 2008 EXTENDING THE PRESIDENT S TAX CUTS AND AMT RELIEF WOULD COST
More informationMeasuring the Cost of Living THE CONSUMER PRICE INDEX
6 In this chapter, look for the answers to these questions: What is the Consumer (CPI)? How is it calculated? What s it used for? What are the problems with the CPI? How serious are they? How does the
More informationRecently, the Bureau of Labor Statistics projected
and Economic Growth GDP and Economic Growth GDP components contributions to U.S. economic growth Rebasing GDP and its components on chained 2001 dollars enhances the role of services as a contributor to
More informationCongressional Budget Office s Preliminary Analysis of President Obama s Fiscal Year 2012 Budget
Congressional Budget Office s Preliminary Analysis of President Obama s Fiscal Year 2012 Budget SUMMARY The Congressional Budget Office s (CBO) Preliminary Analysis of the President s FY 2012 Budget released
More informationHouseholds Wages, profit, interest, rent = $750. Factor markets. Wages, profit, interest, rent = $750
KrugmanMacro_SM_Ch07.qxp 11/9/05 4:47 PM Page 87 Tracking the Macroeconomy 1. Below is a simplified circular-flow diagram for the economy of Micronia. a. What is the value of GDP in Micronia? b. What is
More informationWhat Will Drive Growth in the Washington Area Economy Going Forward?
/4/25 Cardinal Bank & George Mason University 23 rd Annual Economic Conference What Will Drive Growth in the Washington Area Economy Going Forward? Stephen S. Fuller, Ph.D. Dwight Schar Faculty Chair and
More informationMacroeconomics Instructor Miller GDP Practice Problems
Macroeconomics Instructor Miller GDP Practice Problems 1. Gross domestic product in the economy is measured by the A) total number of goods and services produced in the economy. B) dollar value of all
More informationAnalyzing the Elements of Real GDP in FRED Using Stacking
Tools for Teaching with Analyzing the Elements of Real GDP in FRED Using Stacking Author Mark Bayles, Senior Economic Education Specialist Introduction This online activity shows how to use FRED, the Federal
More informationNational Small Business Network
National Small Business Network WRITTEN STATEMENT FOR THE RECORD US SENATE COMMITTEE ON FINANCE U.S. HOUSE OF REPRESENTATIVES COMMITTEE ON WAYS AND MEANS JOINT HEARING ON TAX REFORM AND THE TAX TREATMENT
More informationAverage Federal Income Tax Rates for Median-Income Four-Person Families
820 First Street, NE, Suite 510, Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org http://www.cbpp.org April 10, 2002 OVERALL FEDERAL TAX BURDEN ON MOST FAMILIES INCLUDING MIDDLE-
More informationIssue Brief How Does Illinois Spending on Public Services Compare to Other States?
Issue Brief How Does Illinois Spending on Public Services Compare to Other States? JANUARY, 2014 Recent projections show that the state of Illinois will run a deficit ranging from $7.59 to $7.96 billion
More informationThe following reports were prepared independent of the
september 2012 173 APPENDIX H Independent Analysis of Economic Forecasts and Sales Tax Revenue The following reports were prepared independent of the Wake County Transit Plan, but are included here for
More informationMacroeconomics Machine-graded Assessment Items Module: Fiscal Policy
Macroeconomics Machine-graded Assessment Items Module: Fiscal Policy Machine-graded assessment question pools are provided for your reference and are organized by learning outcome. It is your responsibility
More informationHealth Care: Don t Forget Saving Families $2,500
Health Care: Don t Forget Saving Families $2,500 By Hanns Kuttner Hudson Institute Health Care: Don t Forget Saving Families $2,500 By Hanns Kuttner President-elect Obama offered a concrete proposal to
More informationUS Employment 1939-2010. * All data from the U.S. Bureau of Labor Statistics
US Employment 1939-2010 * All data from the U.S. Bureau of Labor Statistics Total US Non-farm Employment (thousands) 1939-2010 140 000 RECOVERY 120 000 100 000 Sub-prime Mortgage Crisis 80 000 Dot Com
More informationINTRODUCTION TO MACROECONOMICS MIDTERM- SAMPLE QUESTIONS
INTRODUCTION TO MACROECONOMICS MIDTERM- SAMPLE QUESTIONS MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) In May 2009, Ford Motor Company's sales
More informationA Chronology Of Postwar U.S. Federal Income Tax Policy
CAEPR Working Paper #2007-021 A Chronology Of Postwar U.S. Federal Income Tax Policy Shu-Chun Susan Yang Institute of Economics, Academia Sinica October 10, 2007 This paper can be downloaded without charge
More informationThe Data of Macroeconomics
CHAPTER 2 The Data of Macroeconomics Modified for ECON 2204 by Bob Murphy 2016 Worth Publishers, all rights reserved IN THIS CHAPTER, YOU WILL LEARN:... the meaning and measurement of the most important
More informationFiscal Policy: Structural/Cyclical. Size of government Questions And Business Cycle Smoothing Issues
Fiscal Policy: Structural/Cyclical Size of government Questions And Business Cycle Smoothing Issues When is government a preferred provider of goods? What is a PURE PUBLIC GOOD? My consumption of the good
More informationTHE DEBT TAX A drain on our pocketbooks and the economy
THE DEBT TAX A drain on our pocketbooks and the economy Talking points What is the 'Debt Tax'? The United States federal government paid $332.5 billion in interest last year on the national debt. 1 This
More informationCOST OF TAX CUT WOULD MORE THAN DOUBLE TO $5 TRILLION IN SECOND TEN YEARS. Tax Cut Would Worsen Deteriorating Long-Term Budget Forecast
820 First Street, NE, Suite 510, Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org http://www.cbpp.org Revised April 4, 2001 COST OF TAX CUT WOULD MORE THAN DOUBLE TO $5 TRILLION
More informationUS Federal Budget Restraint in the 1990s: A Success Story
US Federal Budget Restraint in the 1990s: A Success Story David R. Henderson MERCATUS RESEARCH David R. Henderson. US Federal Budget Restraint in the 1990s: A Success Story. Mercatus Research, Mercatus
More informationEC2105, Professor Laury EXAM 2, FORM A (3/13/02)
EC2105, Professor Laury EXAM 2, FORM A (3/13/02) Print Your Name: ID Number: Multiple Choice (32 questions, 2.5 points each; 80 points total). Clearly indicate (by circling) the ONE BEST response to each
More informationHARD TIMES A Macroeconomic Analysis Presented To: The Financial Advisor Symposium
HARD TIMES A Macroeconomic Analysis Presented To: The Financial Advisor Symposium April 16, 2008 1250 S. Capital of Texas Highway Building 3, Suite 600 Austin, Texas 78746-6443 512-327-7200 Fax 512-327-8646
More informationCongress Hits a New Low in Approval; Obama Opens Election Year Under 50%
ABC NEWS/WASHINGTON POST POLL: Congress and Obama EMBARGOED FOR RELEASE AFTER 5 p.m. Monday, Jan. 16, 2012 Congress Hits a New Low in Approval; Obama Opens Election Year Under 50% Hammered by bipartisan
More informationReforming Our Tax System, Reducing Our Deficit
ASSOCIATED PRESS/J. Scott Applewhite Reforming Our Tax System, Reducing Our Deficit Roger Altman, William Daley, John Podesta, Robert Rubin, Leslie Samuels, Lawrence Summers, Neera Tanden, and Antonio
More informationWhat Drives the Consumer Price Index? Joshua Klick, Bureau of Labor Statistics, Washington DC
What Drives the Consumer Price Index? Joshua Klick, Bureau of Labor Statistics, Washington DC ABSTRACT The Consumer Price Index (CPI) is widely referenced as a measure of health for the US economy. Users
More information11.1 Estimating Gross Domestic Product (GDP) Objectives
11.1 Estimating Gross Domestic Product (GDP) Objectives Describe what the gross domestic product measures. Learn two ways to calculate the gross domestic product, and explain why they are equivalent. 11.1
More informationA Short History of Government Taxing and Spending in the United States
FISCAL FACT Feb. 2014 No. 415 A Short History of Government Taxing and Spending in the United States By Michael Schuyler Fellow Key Findings Between 1900 and 2012, federal government receipts increased
More informationEconomics 101 Multiple Choice Questions for Final Examination Miller
Economics 101 Multiple Choice Questions for Final Examination Miller PLEASE DO NOT WRITE ON THIS EXAMINATION FORM. 1. Which of the following statements is correct? a. Real GDP is the total market value
More informationChapter 1 Lecture Notes: Economics for MBAs and Masters of Finance
Chapter 1 Lecture Notes: Economics for MBAs and Masters of Finance Morris A. Davis Cambridge University Press stands for Gross Domestic Product. Nominal is the dollar value of all goods and services that
More informationFacts and Figures on the Middle-Class Squeeze in Idaho
Facts and Figures on the Middle-Class Squeeze in Idaho For hard-working, middle-class families all over the country, life during the Bush presidency has grown less affordable and less secure. President
More informationCampaign, Election, Inaugural, and Resignation Speeches
Campaign, Election, Inaugural, and Resignation Speeches William H. Taft, Woodrow Wilson, and Theodore Roosevelt -- In their own voices : the U.S. presidential elections of 1908 and 1912. *LDC 9632 Voices
More informationTracking the Macroeconomy
chapter 7(23) Tracking the Macroeconomy Chapter Objectives Students will learn in this chapter: How economists use aggregate measures to track the performance of the economy. What gross domestic product,
More informationThe Nonprofit Sector in Brief 2014
CENTER ON NONPROFITS AND PHILANTHROPY The Nonprofit Sector in Brief 2014 Public Charities, Giving, and Volunteering Brice S. McKeever and Sarah L. Pettijohn October 2014 This brief highlights trends in
More information?atbxst]cb 7T[_X]V CHILDREN 2012
CHILDREN 2012 February 2012 Dear Reader, Michael R. Petit, President Every Child Matters Washington, D.C. THE CHALLENGE FOR THE NEXT PRESIDENT AND THE 113 TH CONGRESS A REALITY FOR MILLIONS OF CHILDREN...
More informationB-286237. September 26, 2000. The Honorable William F. Goodling Chairman, Committee on Education and the Workforce House of Representatives
United States General Accounting Office Washington, DC 20548 Health, Education, and Human Services Division B-286237 September 26, 2000 The Honorable William F. Goodling Chairman, Committee on Education
More informationTHE U.S. FISCAL GAP AND RETIREMENT SAVING
THE U.S. FISCAL GAP AND RETIREMENT SAVING Alan J. Auerbach, William G. Gale, and Peter R. Orszag 1 INTRODUCTION Many recent studies have suggested that the United States faces a substantial long-term fiscal
More informationChapter 20. The Measurement of National Income. In this chapter you will learn to. National Output and Value Added
Chapter 20 The Measurement of National Income In this chapter you will learn to 1. Use the concept of value added to solve the problem of double counting when measuring national income. 2. Describe the
More informationChapter 10 Keynes and the Multiplier
Page 42 Chapter 10 Keynes and the Multiplier Economists, supposedly, are able to make accurate forecasts, and give valuable advice on dealing with economic problems. When Presidents have problems with
More informationGDP: Does It Measure Up? May 2013. Classroom Edition. An informative and accessible economic essay with a classroom application.
PAGE ONE Economics the back story on front page economics NEWSLETTER GDP: Does It Measure Up? May 2013 Classroom Edition An informative and accessible economic essay with a classroom application. Includes
More informationChapter 12: Gross Domestic Product and Growth Section 1
Chapter 12: Gross Domestic Product and Growth Section 1 Key Terms national income accounting: a system economists use to collect and organize macroeconomic statistics on production, income, investment,
More informationKey Concepts Chart (The United States after the Cold War)
Unit 10, Activity 1, Key Concepts Chart Key Concepts Chart (The United States after the Cold War) Key Concept +? - Explanation Extra Information NAFTA Presidents George H.W. Bush and Bill Clinton both
More informationA HOW-TO GUIDE: UNDERSTANDING AND MEASURING INFLATION
A HOW-TO GUIDE: UNDERSTANDING AND MEASURING INFLATION By Jim Stanford Canadian Centre for Policy Alternatives, 2008 Non-commercial use and reproduction, with appropriate citation, is authorized. This guide
More informationJanuary 27, 2010. Honorable Paul Ryan Ranking Member Committee on the Budget U.S. House of Representatives Washington, DC 20515.
CONGRESSIONAL BUDGET OFFICE U.S. Congress Washington, DC 20515 Douglas W. Elmendorf, Director January 27, 2010 Honorable Paul Ryan Ranking Member Committee on the Budget U.S. House of Representatives Washington,
More informationLECTURE NOTES ON MACROECONOMIC PRINCIPLES
LECTURE NOTES ON MACROECONOMIC PRINCIPLES Peter Ireland Department of Economics Boston College peter.ireland@bc.edu http://www2.bc.edu/peter-ireland/ec132.html Copyright (c) 2013 by Peter Ireland. Redistribution
More information1 Multiple Choice - 50 Points
Econ 201 Final Winter 2008 SOLUTIONS 1 Multiple Choice - 50 Points (In this section each question is worth 1 point) 1. Suppose a waiter deposits his cash tips into his savings account. As a result of only
More informationComparing the Consumer Price Index and the Personal Consumption Expenditures Price Index
26 November 2007 Comparing the Consumer Price Index and the Personal Consumption Expenditures Price Index By Clinton P. McCully, Brian C. Moyer, and Kenneth J. Stewart I N THE United States, there are
More informationSection 1: Minnesota Health Care Spending and Cost Drivers
Section 1: Minnesota Health Care Spending and Cost Drivers Minnesota health care spending by source of funds Minnesota health care spending by type of service Minnesota/U.S. health care spending comparisons
More informationIntroduction to Macroeconomics
Introduction to Macroeconomics Macroeconomics the study of the economy as a whole We measure performance to track the development of the economy Why Measure Performance Helps the government develop tax
More informationRecent U.S. Economic Growth In Charts MAY 2012
Recent U.S. Economic Growth In Charts MAY 212 GROWTH SINCE 29 The Growth Story Since 29 Despite the worst financial crisis since the Great Depression and a series of shocks in its aftermath, the economy
More informationTHE PRESIDENT S PROPOSAL TO EXTEND THE MIDDLE CLASS TAX CUTS. The National Economic Council
THE PRESIDENT S PROPOSAL TO EXTEND THE MIDDLE CLASS TAX CUTS The National Economic Council July 2012 The President s Proposal to Extend the Middle Class Tax Cuts PRESIDENT BARACK OBAMA DELIVERS A STATEMENT
More informationSocial, Behavioral, and Economic Science Research: The Need for Federal Investments and Priorities for Funding
Social, Behavioral, and Economic Science Research: The Need for Federal Investments and Priorities for Funding Diana Furchtgott-Roth Senior Fellow, Hudson Institute Testimony before the Subcommittee on
More information13. If Y = AK 0.5 L 0.5 and A, K, and L are all 100, the marginal product of capital is: A) 50. B) 100. C) 200. D) 1,000.
Name: Date: 1. In the long run, the level of national income in an economy is determined by its: A) factors of production and production function. B) real and nominal interest rate. C) government budget
More informationSTATEMENT BY SEN. BERNARD SANDERS ON SOCIAL SECURITY
STATEMENT BY SEN. BERNARD SANDERS ON SOCIAL SECURITY Sometimes we all tend to take things for granted and we forget that Social Security is the most successful government program in our nation's history.
More informationDeficits as far as the eye can see
Testimony of Mark A. Calabria, Ph.D. Director, Financial Regulation Studies, Cato Institute Submitted to the Subcommittee on Insurance, Housing, & Community Opportunity House Committee on Financial Services
More informationWaste and inefficiency in the Bush Medicare prescription drug plan: Allowing Medicare to negotiate lower prices could save $30 billion a year
Waste and inefficiency in the Bush Medicare prescription drug plan: Allowing Medicare to negotiate lower prices could save $30 billion a year By Roger Hickey & Jeff Cruz In cooperation with Dean Baker,
More informationGDP: Measuring Total Production and Income
Chapter 7 (19) GDP: Measuring Total Production and Income Chapter Summary While microeconomics is the study of how households and firms make choices, how they interact in markets, and how the government
More informationMarket Briefing: Stock Market Valuation Metrics & Models
Market Briefing: Stock Market Valuation Metrics & Models July, 1 Dr. Edward Yardeni 1-97-73 eyardeni@ Joe Abbott 73-97-3 jabbott@ Mali Quintana --1333 aquintana@ Please visit our sites at www. blog. thinking
More informationName: Date: 3. Variables that a model tries to explain are called: A. endogenous. B. exogenous. C. market clearing. D. fixed.
Name: Date: 1 A measure of how fast prices are rising is called the: A growth rate of real GDP B inflation rate C unemployment rate D market-clearing rate 2 Compared with a recession, real GDP during a
More informationThe Bush Tax Cuts and the Economy
Thomas L. Hungerford Specialist in Public Finance September 3, 2010 Congressional Research Service CRS Report for Congress Prepared for Members and Committees of Congress 7-5700 www.crs.gov R41393 Summary
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Econ 111 Summer 2007 Final Exam Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The classical dichotomy allows us to explore economic growth
More informationThe Fed, Interest Rates, and Presidential Elections
The Fed, Interest Rates, and Presidential Elections by David Brubaker Summary During every four-year presidential term, there is a period of 24 months when the Federal Reserve Board s actions on interest
More informationUnited States Government Required Supplementary Information (Unaudited) For the Years Ended September 30, 2014, and 2013
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) 151 United States Government Required Supplementary Information (Unaudited) For the Years Ended September 30, 2014, and 2013 Fiscal Projections for the U.S.
More informationcepr briefing paper Defaulting on The Social Security Trust Fund Bonds: Winner and Losers CENTER FOR ECONOMIC AND POLICY RESEARCH SUMMARY Dean Baker 1
cepr CENTER FOR ECONOMIC AND POLICY RESEARCH briefing paper Defaulting on The Social Security Trust Fund Bonds: Winner and Losers Dean Baker 1 July 23, 2001 SUMMARY The United States government has never
More informationThe level of price and inflation Real GDP: the values of goods and services measured using a constant set of prices
Chapter 2: Key Macroeconomics Variables ECON2 (Spring 20) 2 & 4.3.20 (Tutorial ) National income accounting Gross domestic product (GDP): The market value of all final goods and services produced within
More informationThe Consumer Price Index
The price level is the average level of prices and is measured by using a price index. The consumer price index, or CPI, measures the average level of the prices of goods and services consumed by an urban
More informationStraw. Gold into. Turning. Reality Check. How Huge Federal Surpluses Quickly Became Equally Massive Deficits A CENTURY FOUNDATION GUIDE TO THE ISSUES
Reality Check Turning Gold into Straw How Huge Federal Surpluses Quickly Became Equally Massive Deficits ^ iwww.tcf.org A CENTURY FOUNDATION GUIDE TO THE ISSUES 1 Turning Gold into Straw How Huge Federal
More informationAddressing Fiscal Sustainability and Fixing the Social Security System:
Addressing Fiscal Sustainability and Fixing the Social Security System: Two Challenges Facing the Nation The Honorable David M. Walker Comptroller General of the United States AARP Board of Directors Annual
More informationJournal of Business & Economics Research Second Quarter 2014 Volume 12, Number 2
Stock Market, Economic Performance, And Presidential Elections Wen-Wen Chien, State University of New York at Old Westbury, USA Roger W. Mayer, Walden University, USA Zigan Wang, Columbia University, USA
More informationChapter 2 The Measurement and Structure of the National Economy
Chapter 2 The Measurement and Structure of the National Economy Multiple Choice Questions 1. The three approaches to measuring economic activity are the (a) cost, income, and expenditure approaches. (b)
More information