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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 1974 to 2012

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

1974
Ford
$263.2
$6.1
0.6
343.7
1,499.5
11.0
1975
Ford
$279.1
$53.2
0.2
394.7
1,637.7
9.1
1976
Ford
$298.1
$73.7
5.4
477.4
1,824.6
5.8
1977
Ford
$355.6
$53.7
4.6
549.1
2,030.1
6.5
1978
Carter
$399.6
$59.2
5.6
607.1
2,293.8
7.6
1979
Carter
$463.3
$40.7
3.1
640.3
2,562.2
11.3
1980
Carter
$517.1
$73.8
0.3
711.9
2,788.1
13.5
1981
Carter
$599.3
$79.0
2.5
789.4
3,126.8
10.3
1982
Reagan
$617.8
$128.0
1.9
924.6
3,253.2
6.2
1983
Reagan
$600.6
$207.8
4.5
1,137.3
3,534.6
3.2
1984
Reagan
$666.4
$185.4
7.2
1,307.0
3,930.9
4.3
1985
Reagan
$734.0
$212.3
4.1
1,507.3
4,217.5
3.6
1986
Reagan
$769.2
$221.2
3.5
1,740.6
4,460.1
1.9
1987
Reagan
$854.3
$149.7
3.2
1,889.8
4,736.4
3.6
1988
Reagan
$909.1
$155.2
4.1
2,051.6
5,100.4
4.1
1989
Reagan
$991.1
$152.6
3.6
2,190.7
5,482.1
4.8
1990
Bush 41
$1,032.0
$221.0
1.9
2,411.6
5,800.5
5.4
1991
Bush 41
$1,055.0
$269.2
0.2
2,689.0
5,992.1
4.2
1992
Bush 41
$1,091.2
$290.3
3.4
2,999.7
6,342.3
3.0
1993
Bush 41
$1,154.3
$255.1
2.9
3,248.4
6,667.4
3.0
1994
Clinton
$1,258.6
$203.2
4.1
3,433.1
7,085.2
2.6
1995
Clinton
$1,351.8
$164.0
2.5
3,604.4
7,414.7
2.8
1996
Clinton
$1,453.1
$107.4
3.7
3,734.1
7,838.5
3.0
1997
Clinton
$1,579.2
$21.9
4.5
3,772.3
8,332.4
2.3
1998
Clinton
$1,721.7
$69.3
4.4
3,721.1
8,793.5
1.6
1999
Clinton
$1,827.5
$125.6
4.8
3,632.4
9,353.5
2.2
2000
Clinton
$2,025.2
$236.2
4.1
3,409.8
9,951.5
3.4
2001
Clinton
$1,991.1
$128.2
1.1
3,319.6
10,286.2
2.8
2002
Bush 43
$1,853.1
$157.8
1.8
3,540.4
10,642.3
1.6
2003
Bush 43
$1,782.3
$377.6
2.5
3,913.4
11,142.2
2.3
2004
Bush 43
$1,880.1
$412.7
3.5
4,295.5
11,853.3
2.7
2005
Bush 43
$2,153.6
$318.3
3.1
4,592.2
12,623.0
3.4
2006
Bush 43
$2,406.9
$248.2
2.7
4,829.0
13,377.2
3.2
2007
Bush 43
$2,568.0
$160.7
1.9
5,035.1
14,028.7
2.8
2008
Bush 43
$2,524.0
$458.6
0.3
5,803.1
14,291.5
3.8
2009
Bush 43
$2,105.0
$1,412.7
3.1
7,544.7
13,973.7
0.4
2010
Obama
$2,162.7
$1,293.5
2.4
9,018.9
14,498.9
1.6
2011
Obama
$2,303.5
$1,299.6
0.8
10,128.2
15,075.7
3.2
2012 *
Obama
$2,468.6
$1,326.9
1.8
11,578.1
15,600.0
1.7
2013 *
Obama
$2,633.7
$1,354.2
2.6
12,636.7
16,241.4
1.5

*  FY 2012 and FY 2013 are estimates.

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).  ftp://ftp.bls.gov/pub/special.requests/cpi/cpiai.txt

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