debt was just 268.1 billion dollars. ), and For an example of a specific calculation, the 2022 nominal public debt as a percentage of 2022 gross national product would be calculated in the following way: 2022 Public Debt 30, 928.9 2022 Gross National Product 25,640.1 = 1.206 = 120.6% Notice that a percentage can be stated with or without a percent sign. The word percent means "per one-hundred." Thus, the decimal 1.206 is equal to 120.6 percent because 120.6 per one-hundred can be written 120.6/100, which is equal to 1.206. Questions: Section B.2 As shown in Table 13, the nominal public debt in 1946 was 268.1 billion dollars, whereas the nominal public debt in 2022 was 30,928.9 billion dollars. That is, the 2022 public debt was more than 115 times larger than the 1946 public debt. Use the GDP deflator in Table 10 to convert both the 1946 and 2022 nominal public debt numbers into constant 1990 dollars. Then, calculate how many times larger the real 2022 public debt was than the 1946 real public debt. As shown in Table 13, government (at all levels) spent a total of 8,652.7 billion dollars in 2022. This is more than 33 times the 261.7 billion government spent in 1968. Use the GDP deflator in Table 10 to calculate the 2022 level of government expenditures, given in 1968 dollars. Then, in real terms, calculate how many times larger the 2022 government expenditures level was than the 1968 government expenditures level. B-8Table 10A 'GDP Defiat PRICES, INTEREST RATES, WAGES, AND EXCHANGE RATES 2L Average Hourly Earnings Real ($2022) Major Currencies Index Wage |Growth| Value of Growth Level | Rate Dollar Rate : 2 _ | hale Table 10B PRICES, INTEREST RATES, WAGES, AND EXCHANGE RATES _ Nominal | Real (2022) Major Currencies Index Nominal Price | Inflation| Interest Rate Wage | Growth| Wage Growth| Value of Growth Level | Rate Level Rate Dollar Rate Year| Index Level Table 13A GSOVERNMENT RECEIPTS, EXPENDITURES, DEFICITS, AND DEBT Percent of Gross National Product Per Capita 2022 Dollars @ Public, L p Debt Expenditures Growth | D _Amour Rate Table 13B GOVERNMENT RECEIPTS, EXPENDITURES, DEFICITS, AND DEBT Per Capita 2022 Dollars Billions of Dollars Percent of Gross National Product Expenditures Deficit Public Debt Receipts Growth Growth Growth Growth Public Public Rate Amount Rate Rate Rate Year Recelpts Expenditures Deficit Debt Receipts Expenditures Deficit Debt Amount Amount Amount 1,992 0,4 906.8 27 30.9 3.3 31.4 10,578 0.6 11,830 4 3 1.252 76.7 1980 799 9 894 6 94.7 12, 169 29 1, 175 6.2 11,923 0.6 1981 919.1 1,017 4 98 2 996.8 28.4 31 4 3.0 30 8 10,994 3.9 80 5 12,734 68 940.9 1, 131 0 190.1 1,141.2 27 8 33 5 56 33.8 10,499 4.5 12,620 37 2, 121 1982 13,064 3.5 2.401 13 2 14,645 15.0 1,376.3 61 1,002.1 225 6 33.4 37 5 1.6 1983 1,227 7 27 3 10,663 38 3 11,351 65 13,353 2 2 2,002 -16.6 15,886 85 1,115.0 27.4 4.8 198 1,311.7 196.7 1,560,4 32.2 13,876 3.9 1,972 - 1.5 17,824 12.2 49 1985 1,217.0 1,418.7 201 7 1,822.3 27 9 32.5 4.6 41.8 11,904 14,373 2,089 20, 189 13.3 3.2 36 5.9 1,292 9 1,512.8 219.9 2,124.9 28 1 32 9 48 46 2 12,284 5.2 14 581 1.4 1,655 20.8 21,590 69 1,406 6 1,586.7 180.1 2,349.4 28.9 32 6 3.7 48 2 12,926 14,763 1.2 1,506 -9.0 22,882 6.0 1,678.3 171.3 2,601.4 28.7 31 9 3 3 49 5 13,256 2.6 988 1,507.1 23,795 4.0 1,632.0 1,810.7 1787 2,837 9 28.8 32.0 3.2 50.1 13, 684 3.2 15 , 182 2.8 1,498 -0.5 1989 3,212.7 28.6 32.6 4.0 53.6 13,693 0.1 15,607 2.8 1,914 27 8 25,675 7.9 1990 1,713 3 1,952 9 239.5 33 5 5.0 59.2 13,454 -1.7 15,807 13 2,353 22.9 27,954 8.9 1991 1,763.7 2,072.2 308.5 3,664 5 28.5 1,848.7 2,254 2 405 5 4,063.8 28.2 34.4 6.2 62.0 13,606 1 1 16,591 5.0 2,984 26.8 29,909 70 1992 1,953 3 2,339 3 386 0 4.410.7 28.4 34.0 5.6 64.0 13,862 1.9 16,601 0.1 2,739 -8.2 31,301 4.7 1993 4, 691 7 28.7 33.1 4.4 64.2 14,399 3.9 16,593 0.0 2, 194 -19.9 32,207 2.9 1994 2,097.6 2,417.2 319.6 32,911 2.2 1995 2,223 9 2,536.5 3125 4,953.0 29.0 33.1 4.1 64 6 14,777 26 16,854 1.6 2,077 -5.3 2,388.6 2,621.8 233.2 5,220.8 29.5 32.4 2.9 64.4 15,405 4.3 03 1,504 27.6 33,671 2.3 199 16,909 2,699.9 133 9 5,407 6 29 8 31.4 1.6 62.9 16,075 4.3 16,914 0.0 839 44 2 33,877 06 1997 2,565 9 2,767 4 28.7 5 , 518.7 30 2 30 5 0.3 60.8 16,770 4.3 16,946 02 176 -79.0 33,793 -0.2 1998 2,738 5 -202.6 33,712 -0.2 1999 2,909.7 2,879.5 (30.2) 5,647.3 30.1 29.8 0.3 58.4 17 ,370 3.6 17.189 1.4 -180 2000 3.139 0 3,019 9 (119.0) 5 , 622 1 30.5 29.3 -1.2 54.6 18, 124 4.3 17,437 1.4 -687 -281.1 32,462 -3.7 3,229.2 104.0 5,807.5 29.4 30.4 10 54 6 17,472 -3.6 18,054 3.5 581 184.6 32,468 0.0 2001 3,125.2 2002 2,969.1 3,419 8 450.7 6,228.2 27.1 31.2 4.1 56 7 16, 190 -73 18,647 3.3 2,457 322 8 33,961 4.6 2003 3,045 4 3.624.0 578 7 6,783.2 26.4 31 5 50 58 9 16, 135 -03 19,200 3.0 3,066 24.8 35,938 5.8 2004 3,275 0 3,817 4 542.5 7 ,379.1 26 .6 31 1 4.4 60 0 16 , 746 3 8 19,519 1.7 2,774 -9.5 37,731 5.0 200 3,678.7 4,075.3 396.6 7,932.7 28.1 31 1 3.0 60 5 18,070 79 20,018 1,948 29.8 38,965 3.3 2006 4,013.1 4,320.1 307 0 8,507 0 29.0 31 2 2.2 61.4 18,942 20,390 1,449 -25.6 40,152 3.0 2007 4,210 6 4,599 6 389.0 9.007 7 28.9 31 6 27 61.8 19, 166 1.2 20,937 2,7 1,771 22 2 41,002 2.1 2008 4,126 2 4,972 0 845 8 10,024.7 27 7 33.3 5 .7 67 2 18,256 4.7 21,998 5.1 3,742 111,4 44,354 82 2009 3,699 5 5,284 0 1,584 5 11,909 8 25 3 36.1 10.8 81.4 16,121 -11.7 23,026 4.7 6,905 84.5 51,899 17.0 2010 3,934 1 5,560 0 1,625 8 13,561.6 25 .8 36.4 10.7 88.9 16,798 4.2 23,740 3.1 6,942 0.5 57,906 116 2011 4,130.3 5,639 5 1,509.2 14,790 3 26.1 35.6 9.5 93.4 17.141 2.0 23,404 14 6,263 -9.8 61,380 6.0 2012 4,311 6 5,667-1 1,355.5 16,066 2 26 2 34.4 8.2 97 4 17,429 1.7 22,909 2.1 5,479 -12 5 64,946 58 2013 4,834.3 5,731.4 897.1 16,738.2 28.3 33.6 5.3 98.0 19,062 9.4 22,599 1.3 3,537 -35 4 66,000 1.6 2014 5,054.4 5 ,889.7 835,3 17,824 1 28.4 33.1 4 7 100.2 19,411 1.8 22,619 0,1 3,208 -9.3 68,452 3.7 2015 5,288 5 6,064.5 776.0 18,150.6 29.0 33.3 43 98.5 19,952 28 22,880 1.2 2,928 -8.7 68,477 0.0 2016 5,336.1 6,246.4 123 19,5/34 28.5 33 4 4.9 103.4 19.778 09 23, 160 1.2 3 ,381 15.5 72,550 5.9 2017 5,467 5 6,429 3 961 8 20,244.9 28.1 33.0 4.9 102.4 19,751 01 23,225 0.3 3,474 2.8 73, 132 0. 8 2018 5, 654.1 6,758.8 1, 101.7 21,516.1 27.5 32.8 5.1 103.3 10,828 0.4 23,702 2.1 3,074 27 5 11.5 75,450 7, 134 5 1,245.6 22,719.4 3.2 2019 5,888.9 33.4 5.8 104.9 20,182 1.8 24,451 3.2 4,269 10 2 2020 5,950.9 8,894 9 2,944 1 26,945.3 28.3 77,862 3.2 42 2 14.0 126 8 20,054 0.6 29,976 22.6 9,921 2021 6,731 8 9,342 3 2,610 5 28,428.9 28,9 40.1 132 4 90,805 11.2 121.0 21,674 16.6 81 30,079 03 2022 8,405 7,593.9 8,652 7 1,058.8 30,928.9 29.8 -15.3 0 8 34 0 2 120 6 22,764 91,531 5.0 25,938 -13.8 3,174 -62.2 92,714 13