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Blinder and Watson estimated the average Democratic real GDP growth rate at 4.3%, vs. 2.5% for Republicans, from President Truman's elected term through President Obama's first term, which ended January 2013. [1] This pattern of faster GDP growth under Democratic presidents continued after Blinder and Watson published their study; GDP grew ...
The history of the United States public debt began with federal government debt incurred during the American Revolutionary War by the first U.S treasurer, Michael Hillegas, after the country's formation in 1776. The United States has continuously experienced fluctuating public debt, except for about a year during 1835–1836.
Stephanie Kelton. Stephanie A Kelton (née Bell; born October 10, 1969) is an American heterodox economist and academic, and a leading proponent of Modern Monetary Theory. [1] She served as an advisor to Bernie Sanders 's 2016 presidential campaign and worked for the Senate Budget Committee under his chairmanship.
Tax cuts and deficit spending boost demand As president, Trump signed into law tax cuts for corporations and individuals that that the Congressional Budget Office estimated would cost $1.9 ...
Spending would be reduced by $1.2 trillion over 10 years, offset by $700 billion in additional interest expense, for a net reduction of $0.5 trillion. The deficit would increase by $5.3 trillion over 10 years. Debt held by the public would rise to 105% GDP by 2026, versus 86% GDP under the current policy baseline. It was approximately 76% in 2016.
During FY2018, the federal government spent $4.11 trillion, up $127 billion or 3.2% vs. FY2017 spending of $3.99 trillion. Spending increased for all major categories and was mainly driven by higher spending for Social Security, net interest on the debt, and defense. Spending as % GDP fell from 20.7% GDP to 20.3% GDP, equal to the 50-year average.
In 2011, Republicans took control of Congress and again suspended the Gephardt Rule as they had under Clinton. The Republican majority in Congress demanded deficit reduction as part of raising the debt ceiling. The resulting contention was resolved on August 2, 2011, by the Budget Control Act of 2011. Under the "McConnell Rule," the president ...
Increased spending related to the Vietnam War put a strain on the federal budget. In 1971, Nixon froze wages and the prices of goods for 90 days in an effort to keep inflation in check.