The federal deficit has breached 10 percent of GDP four times in US history: during the Civil War, during World War I and World War II, and in aftermath of the financial crisis of 2008.
1970
Pensions: $32 billion
Health Care: $22 billion
Education: $56 billion
Defense: $95 billion
Welfare: $21 billion
Protection: $7 billion
Transportation: $22 billion
General Government: $7 billion
Other Spending: $36 billion
Interest: $19 billion
Balance: $4 billion
Total Spending: $322 billion
Federal Deficit: $3 billion
Gross Public Debt: $514 billion
source: usgovernmentspending.com
2010
Pensions: $986 billion
Health Care: $1,107 billion
Education: $1,026 billion
Defense: $896 billion
Welfare: $762 billion
Protection: $351 billion
Transportation: $312 billion
General Government: $125 billion
Other Spending: $526 billion
Interest: $304 billion
Balance: $17 billion
Total Spending: $6,413 billion
Federal Deficit: $1,556 billion
Gross Public Debt: $16,635 billion
source: usgovernmentspending.com
Experience teaches only the teachable. The impact of irresponsible spending policies of the U.S. will have far reaching effects for generations. Historically this has led to massive economic problems.
Two areas to take advantage of during this artificial propping up of the economy is to buy commercial real estate while prices and rates are still CHEAP and buy gold!.
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