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The government sector consists of the economic activities of local, state and federal governments. Flows from households and firms to government are in the form of taxes. The income the government receives flows to firms and households in the form of subsidies, transfers, and purchases of goods and services.
U.S. federal government tax receipts as a percentage of GDP from 1945 to 2015 (note that 2010 to 2015 data are estimated) Hauser's law is the empirical observation that, in the United States, federal tax revenues since World War II have always been approximately equal to 19.5% of GDP, regardless of wide fluctuations in the marginal tax rate. [1]
Since World War II, the United States economy has performed significantly better on average under the administration of Democratic presidents than Republican presidents. The reasons for this are debated, and the observation applies to economic variables including job creation, GDP growth, stock market returns, personal income growth, and corporate profits.
Fiscal policy is the use of government's revenue and expenditure as instruments to influence the economy. For example, if the economy is producing less than potential output , government spending can be used to employ idle resources and boost output, or taxes could be lowered to boost private consumption which has a similar effect.
In 2006 and 2007, Forbes magazine voted Virginia as having the best climate for business in the United States citing economic growth, business costs/incentives and quality of life. [13] CNBC ranked Virginia as the top state for business in 2007 as well. [14] Richmond is one of 12 cities in the country having a Federal Reserve bank.
Federal prosecutors have charged the founder of an education-technology startup spun out of Harvard who was recognized on a 2021 Forbes 30 Under 30 list with fraud.
Office vacancies climbed more than 5% in six of the top 25 US markets this year, according to CommercialEdge. Sale prices, meanwhile, dropped again, down 9% from the average price in 2023.
In 2020, U.S. GDP shrunk by 3.5%, an economic contraction caused by the devastation of the COVID-19 pandemic, making 2020 the worst year for economic growth since 1946 (when the U.S. was demobilizing from World War II) and the first year that the U.S. had an annual decrease in GDP since 2009 (when the U.S. suffered from the Great Recession). [244]