Chart and statistics of the US federal receipts and spending as a percentage of GDP,  from 1940 to 2019. Measured against GDP (gross domestic product), US federal spending overpowers receipts as a rule. From 1940 to 2019 (actual values till 2013, and government estimates for 2014-2019), the average outlay is 20.1 percent of GDP, or 3.2 percent points higher than the average receipt. Big deficit periods, i.e. those during which the gap between the red and the blue lines is wider, did not shine economically. This is particularly true for the recent period 2010-2013, crippled by both a dire economic downturn, and massive spending in abroad military operations. Channeling government spending to waste, not wealth generating activities such as warfare, while siphoning huge amounts of resources out of the taxpayer pockets, thus inhibiting the consumption and investment engines of the economy, is a misconceived cocktail, quite harmful for the large majority.

Measured against GDP (gross domestic product), US federal spending overpowers receipts as a rule. From 1940 to 2019 (actual values till 2013, and government estimates for 2014-2019), the average outlay is 20.1 percent of GDP, or 3.2 percent points higher than the average receipt.

Big deficit periods, i.e. those during which the gap between the red and the blue lines is wider, did not shine economically. This is particularly true for the recent period 2010-2013, crippled by both a dire economic downturn, and massive spending in abroad military operations. Channeling government spending to waste, not wealth generating activities such as warfare, while siphoning huge amounts of resources out of the taxpayer pockets, thus inhibiting the consumption and investment engines of the economy, is a misconceived cocktail, quite harmful for the large majority.

 

Summary of Receipts, Outlays, and Surpluses or Deficits (-)
In USD and as Percent of GDP, 1940-2019

Fiscal Year

Current USD (billion)

As Percent of GDP

Receipts

Outlays

Surplus or Deficit (-)

Receipts

Outlays

Surplus or Deficit (-)

19406.59.5-2.96.79.6-3.0
19418.713.7-4.97.511.7-4.3
194214.635.1-20.59.923.8-13.9
194324.078.6-54.613.042.6-29.6
194443.791.3-47.620.542.7-22.2
194545.292.7-47.619.941.0-21.0
194639.355.2-15.917.224.2-7.0
194738.534.54.016.114.41.7
194841.629.811.815.811.34.5
194939.438.80.614.214.00.2
195039.442.6-3.114.115.3-1.1
195151.645.56.115.813.91.9
195266.267.7-1.518.518.9-0.4
195369.676.1-6.518.219.9-1.7
195469.770.9-1.218.018.3-0.3
195565.568.4-3.016.116.8-0.7
195674.670.63.917.016.10.9
195780.076.63.417.216.50.7
195879.682.4-2.816.817.4-0.6
195979.292.1-12.815.718.2-2.5
196092.592.20.317.317.20.1
196194.497.7-3.317.217.8-0.6
196299.7106.8-7.117.018.2-1.2
1963106.6111.3-4.817.218.0-0.8
1964112.6118.5-5.917.017.9-0.9
1965116.8118.2-1.416.416.6-0.2
1966130.8134.5-3.716.717.2-0.5
1967148.8157.5-8.617.818.8-1.0
1968153.0178.1-25.217.019.8-2.8
1969186.9183.63.219.018.70.3
1970192.8195.6-2.818.418.6-0.3
1971187.1210.2-23.016.718.8-2.1
1972207.3230.7-23.417.018.9-1.9
1973230.8245.7-14.917.018.1-1.1
1974263.2269.4-6.117.718.1-0.4
1975279.1332.3-53.217.320.6-3.3
1976298.1371.8-73.716.620.8-4.1
1977355.6409.2-53.717.520.2-2.6
1978399.6458.7-59.217.520.1-2.6
1979463.3504.0-40.718.019.6-1.6
1980517.1590.9-73.818.521.1-2.6
1981599.3678.2-79.019.121.6-2.5
1982617.8745.7-128.018.622.5-3.9
1983600.6808.4-207.817.022.8-5.9
1984666.4851.8-185.416.921.5-4.7
1985734.0946.3-212.317.222.2-5.0
1986769.2990.4-221.217.021.8-4.9
1987854.31,004.0-149.717.921.0-3.1
1988909.21,064.4-155.217.620.6-3.0
1989991.11,143.7-152.617.820.5-2.7
19901,032.01,253.0-221.017.421.2-3.7
19911,055.01,324.2-269.217.321.7-4.4
19921,091.21,381.5-290.317.021.5-4.5
19931,154.31,409.4-255.117.020.7-3.8
19941,258.61,461.8-203.217.520.3-2.8
19951,351.81,515.7-164.017.820.0-2.2
19961,453.11,560.5-107.418.219.6-1.3
19971,579.21,601.1-21.918.618.9-0.3
19981,721.71,652.569.319.218.50.8
19991,827.51,701.8125.619.217.91.3
20002,025.21,789.0236.219.917.62.3
20011,991.11,862.8128.218.817.61.2
20021,853.12,010.9-157.817.018.5-1.5
20031,782.32,159.9-377.615.719.1-3.3
20041,880.12,292.8-412.715.619.0-3.4
20052,153.62,472.0-318.316.719.2-2.5
20062,406.92,655.0-248.217.619.4-1.8
20072,568.02,728.7-160.717.919.0-1.1
20082,524.02,982.5-458.617.120.2-3.1
20092,105.03,517.7-1,412.714.624.4-9.8
20102,162.73,457.1-1,294.414.623.4-8.8
20112,303.53,603.1-1,299.615.023.4-8.4
20122,450.23,537.1-1,087.015.222.0-6.8
20132,775.13,454.6-679.516.720.8-4.1
20143,001.73,650.5-648.817.321.1-3.7
20153,337.43,901.0-563.618.321.4-3.1
20163,568.04,099.1-531.118.621.4-2.8
20173,810.84,268.6-457.818.921.1-2.3
20184,029.94,443.1-413.319.020.9-1.9
20194,226.14,728.8-502.719.021.3-2.3
Annual average change rate8.54%8.18% 1.33%1.01% 
Maximum4,226.14,728.8236.220.542.74.5
Minimum6.59.5-1,412.76.79.6-29.6
Average985.41,162.5-177.116.920.1-3.2

 

Sources: US Government Printing Office, Bureau of Economic Analysis.

 

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