| Fiscal Policy In The United States |
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As a percentage of the Gross Domestic Product (GDP), within the context of the national economy as a whole, the highest deficit was run during fiscal year 1943 at over 30% of GDP, whereas deficits during the 1980s reached 5-6% of GDP and the deficit for 2005 was 2.6% of GDP, close to the post-World War II average. An issue about counting so-called "off-budget" items such as Social Security , which are presently running a large surplus, complicates discussion of budget deficits, as do the inevitable attempts by the party in power to downplay the deficit, while the other party exaggerates it. Nonetheless, the Social Security Administration does not see a large surplus -- while it is an example of an "off-budget" item, its own financial woes are generally recognized by experts on both sides of the aisle. The budget surplus for Social Security that is essentially offsetting the deficit was approximately $150 billion in 2002, increasing the deficit ratio to almost 4% from 2.6% of GDP. Related U.S. legislation See also |
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