“Between 2000 and 2004, the budget declined by an amount equal to 6.6 percent of GDP, from a surplus of 2.4 percent of GDP to a deficit of 4.2 percent of GDP. This was the largest budgetary deterioration in U.S. peacetime history. The steep drop in revenues which fell by an amount equal to 5.0 percent of GDP during this period was responsible for 76 percent of this deterioration.”
Sorry, comments are closed for this post.