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Homework answers / question archive / Suppose that the Office of Management and Budget provides the accompanying estimates of federal budget receipts, federal budget spending, and GDP, all expressed in billions of dollars
Suppose that the Office of Management and Budget provides the accompanying estimates of federal budget receipts, federal budget spending, and GDP, all expressed in billions of dollars. Calculate the implied estimates of the federal budget deficit as a percentage of GDP for each year.
| Year | Federal Budget Receipts (3% growth) | Federal Budget Spending (6% growth) | GDP (1% growth) | Deficit as a % of GDP |
|---|---|---|---|---|
| 2015 | $2,329.8 | $2,682.6 | $14,573.2 | |
| 2016 | 2,399.7 | 2,843.6 | 14,718.9 | |
| 2017 | 2,471.7 | 3,014.2 | 14,866.1 | |
| 2018 | 2,545.8 | 3,195.0 | 15,014.8 |
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