Overview of US Economy
September 4, 2008
GDP Increases 6 Times since 1950; Has Doubled in Your Lifetime
GDP Growth In Your Lifetime
Population and Employment
• How Many Americans?
• How Many Workers?
• What Is Unemployment Rate?
Source: US Census Bureau
Unemployment Rising
Job Growth Long Term
Ouch! Recent Job Losses
Income and Poverty
• What is median household/family income?
• What does a rich family earn?
• What does a poor family earn?
Government Sector
• How much does the government spend and tax?
• How big is the deficit?
• How big is the debt?
Federal Outlays as % of GDP
Source: CBO
Federal Outlays by Category as Share of GDP
Source: CBO
Individual Income Tax 1,163.5
Corp Income Tax 370.2
Payroll Taxes 869.6
Excise Taxes 65.1
Other Taxes 47.2
Total Revenues 2,515.6
Federal Outlays and Revenues: History and Projection
Source: CBO