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Hello, I need help with the following question: Table 1.1 shows the budget Summary of Receipts, Outlays, and Surpluses or Deficits (-) from 1789-2022. Identify
Hello, I need help with the following question:
Table 1.1 shows the budget Summary of Receipts, Outlays, and Surpluses or Deficits (-) from 1789-2022. Identify whether the highest deficits incurred in the identified years from Table 1.2 were paid with tax revenues (receipts) or borrowed funds (outlays). Discuss how the government gets money and where the government spends money on.
How would do I recognize if the highest deficits incurred were paid with tax revenues or borrowed funds? Thank you.
Table 1.2-SUMMARY OF RECEIPTS, OUTLAYS, AND SURPLUSES OR DEFICITS (-) AS PERCENTAGES OF GDP: 1930-2072 GDP (in Total On Budget Year Surplus Off-Budget billions of Surplus dollars) Receipts Outlays or Deficit Receipts Outlays Surplus or Deficit | Receipts Outlays or Deficit 1995 (-) 7,583.4 17.8 20.0 1996 -22 132 7,978.3 162 () -3.0 18.2 4.6 19.6 -1.3 3.8 0.8 1997 136 8,483.2 15.8 18.6 18 9 46 0.3 3.8 140 08 1998 8,954 8 152 -12 192 4.6 18.5 37 0.8 10 146 1999 14.9 9,510.5 -0.3 4.6 19.2 17.9 35 1.1 13 2000 145 14.5 10,148.2 20.0 4.7 34 17.6 1.3 2001 15 2 14.4 0.9 10,564.6 47 18.8 3.3 17.6 15 2002 1.2 140 14.3 0.3 10,876.9 4.8 17 0 33 18.5 15 -1.5 2003 12.3 15 2 29 47 11,332 4 15.7 3.3 19 1 1.5 -3.3 11.1 2004 15.9 4 8 4.6 12,088.6 156 32 14 190 -34 11.1 2005 15 8 47 44 12,888 9 3.1 167 1.3 192 -25 12 2 16.1 2006 3.8 4.5 13 684.7 3.1 176 14 19.4 -18 13 1 16 3 32 2007 4.4 3.1 14,322.9 1.4 17.9 19.1 -1.1 13.5 15.9 24 4 4 32 2008 1.3 14 752.4 17.1 20.2 31 126 17.0 -4.4 4.5 2009 3.2 1.2 14,414.6 14.6 24.4 9.8 10.1 20.8 -10 8 45 3.6 2010 14,798.5 1.0 14.6 23.4 8.7 10.3 19 6 93 4.3 3.7 2011 0.5 15,379.2 15.0 23.4 8.5 11.3 20.2 37 3.2 2012 04 16,027.2 15.3 22.1 -6.8 11.7 18.9 72 3.6 32 04 2013 16,515.9 16.8 20.9 -4.1 12.7 17.1 -44 41 3.8 02 2014 17 220.0 17.5 20.4 .28 13.3 16.3 30 4 3 41 0.2 2015 17,904.0 18.2 20.6 -2.4 138 16.5 -26 4.3 42 02 2016 18,407.4 17 8 20.9 -3.2 13.4 16.7 34 4 4 42 0.2 2017 estimate 19,161.9 18.1 212 -3.1 13.6 16.9 34 45 43 0.2 2018 estimate 20,013.7 18.3 20.5 2.2 13.8 16.1 -23 4.5 13 0.1 2019 estimate 20,947.3 18.2 20.7 -2.5 13.8 16.3 -25 4 4 4 4 2020 estimate 21,980.6 18.1 20.3 -2.2 13.7 15.8 2. 1 4 4 4.5 10.1 2021 estimate 23,092.7 18.0 20.0 2.0 13.6 15.4 -1.9 4 4 4.6 0.1 2022 estimate 24.261.3 18.1 199 -18 13.6 15.3 1.6 4.5 16 -0.2 * 0.05 percent or less. Note: Budget figures prior to 1933 are based on the "Administrative Budget" concepts rather than the "Unified Budget" conceptsStep by Step Solution
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