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Los Angeles, California, United States
The blog 'Breaking Bread' is for a civil general discussion, like you might have at the dinner table with guests. The posts 'Economics Without the B.S.' are intended for a general audience that wouldn't have to know the difference between a Phillips Curve, a Laffer Curve, or a Cole Hamels Curve. Vic Volpe was formally educated at Penn State and the University of Scranton, with major studies in History, Economics and Finance, and Business; and, is self-educated since by way of books and on-line university courses. His practical education came from fifty years of work experience in the blue-collar trades as well as a white-collar professional career -- a white-collar professional career in production and R&D. In his professional career and as a long-haul trucker, he has traveled throughout the lower forty-eight. From his professional career alone he has visited many manufacturing plants in the United States, Europe and China. He has lived in major metropolitan areas and very small towns in various parts of the United States. He served three years with the U.S. Army as an enlisted man, much of that time in Germany.

Wednesday, January 2, 2013

Economic Historical Data 1930 to 1973

Economics Without The B.S.**: 

[**  Double entendre intended.]

You are entitled to your own opinions, your own data; but, not your own facts.  In the Army, we used to say, "Opinions are like ass-holes.  Everybody's got one!"  My opinions are on the other posts.  Here are the facts.  Sources for this data are listed below.

 
Fiscal Year

President who Submitted FY budget

Federal Government Revenues  (in Current Dollars, billions)

Budget +Surplus/    -Deficit  (in Current Dollars, billions)
Real GDP Growth Rate (%) Positive or Negative (Deflation)

Total Debt held by Public  (in $ Billions)


    GDP            (in Current Dollars, billions)


Rate of Inflation (%)  Positive or Negative

1930
Hoover
$4.1
$0.7
8.6
16.1
$91.2
2.3
1931
Hoover
$3.2
$0.5
6.5
16.8
$76.5
9.0
1932
Hoover
$1.9
$2.7
13.1
19.5
$58.7
9.9
1933
Hoover
$2.0
$2.6
1.3
22.5
$56.4
5.1
1934
FDR
$3.0
$3.6
10.9
27.0
66.0
3.1
1935
FDR
$3.6
$2.8
8.9
28.7
73.3
2.2
1936
FDR
$3.9
$4.3
15.1
33.8
83.8
1.5
1937
FDR
$5.4
$2.2
5.1
36.4
91.9
3.6
1938
FDR
$6.8
$0.1
3.4
37.2
86.1
2.1
1939
FDR
$6.3
$2.8
8.1
40.4
92.2
1.4
1940
FDR
$6.5
$2.9
8.8
42.8
101.4
0.7
1941
FDR
$8.7
$4.9
17.1
48.2
126.7
5.0
1942
FDR
$14.6
$20.5
18.5
67.8
161.9
10.9
1943
FDR
$24.0
$54.6
16.4
127.8
198.6
6.1
1944
FDR
$43.7
$47.6
8.1
184.8
219.8
1.7
1945
FDR
$45.2
$47.6
1.1
235.2
223.0
2.3
1946
Truman
$39.3
$15.9
10.9
241.9
222.2
8.3
1947
Truman
$38.5
$4.0
0.9
224.3
244.1
14.4
1948
Truman
$41.6
$11.0
4.4
216.3
269.1
8.1
1949
Truman
$39.4
$0.6
0.5
214.3
267.2
1.2
1950
Truman
$39.4
$3.1
8.7
219.0
293.7
1.3
1951
Truman
$51.6
$6.1
7.7
214.3
339.3
7.9
1952
Truman
$66.2
$1.5
3.8
214.8
358.3
1.9
1953
Truman
$69.6
$6.5
4.6
218.4
379.3
0.8
1954
Ike
$69.7
$1.2
0.6
224.5
380.4
0.7
1955
Ike
$65.5
$3.0
7.2
226.6
414.7
0.4
1956
Ike
$74.6
$3.9
2.0
222.2
437.4
1.5
1957
Ike
$80.0
$3.4
2.0
219.3
461.1
3.3
1958
Ike
$79.6
$2.8
0.9
226.3
467.2
2.8
1959
Ike
$79.2
$12.8
7.2
234.7
506.6
0.7
1960
Ike
$92.5
$0.3
2.5
236.8
526.4
1.7
1961
Ike
$94.4
$3.3
2.3
238.4
544.8
1.0
1962
JFK
$99.7
$7.1
6.1
248.0
585.7
1.0
1963
JFK
$106.6
$4.8
4.4
254.0
617.8
1.3
1964
JFK
$112.6
$5.9
5.8
256.8
663.6
1.3
1965
LBJ
$116.8
$1.4
6.4
260.8
719.1
1.6
1966
LBJ
$130.8
$3.7
6.5
263.7
787.7
2.9
1967
LBJ
$148.8
$8.6
2.5
266.6
832.4
3.1
1968
LBJ
$153.0
$25.2
4.8
289.5
909.8
4.2
1969
LBJ
$186.9
$3.2
3.1
278.1
984.4
5.5
1970
Nixon
$192.8
$2.8
0.2
283.2
1,038.3
5.7
1971
Nixon
$187.1
$23.0
3.4
303.0
1,126.8
4.4
1972
Nixon
$207.3
$23.4
5.3
322.4
1,237.9
3.2
1973
Nixon
$230.8
$14.9
5.8
340.9
1,382.3
6.2

XXXX  or XXXX Gray colored areas are FY years (not calendar years) where official recessions were declared – but I had to approximate exactly which year they lie in because of differences between calendar year and fiscal year.  Officially there are ten recessions since WWII.

Source of Data: 
           
            1.  Federal Government Revenues, Budget Surplus/Deficits, and Total Debt held by Public data are from Office of Management and Budget, see link: http://www.whitehouse.gov/omb/budget/Historicals
Total Debt held by the Public does not include debt held by the Government itself, that is the debt owed to the Social Security Account.  The Social Security Account itself is in surplus until the 2030’s.  Our Government borrows against that surplus and has to pay it back when needed by Social Security,

            2.  Real GDP Growth Rate and GDP data are from Department of Commerce, Bureau of Economic Analysis tables. See link: http://www.bea.gov/iTable/iTable.cfm?ReqID=9&step=1  Use Options Tab to construct your data.

            3.  Rate of Inflation Data is from Department of Labor, Bureau of Labor Statistics.  I used the CPI, which may not be the most accurate to use as an inflation guide when measuring productivity.  Perhaps the Producers Price Index would be better; but, most average folks are more familiar with the CPI rather than the PPI.  The main point I want to make is when measuring productivity increases from year to year one should factor out inflation.  We want to measure real productivity gains (goods and services), not inflationary gains (from prices).   http://www.bls.gov/cpi/tables.htm -- See Table 24 of Detailed Reports
  • Table Containing History of CPI-U U.S. All Items Indexes and Annual Percent Changes From 1913 to Present is now available in the CPI Detailed Report as Table 24
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