overview of us economy september 4, 2008. gdp increases 6 times since 1950; has doubled in your...

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Overview of US Economy September 4, 2008

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Overview of US Economy

September 4, 2008

GDP Increases 6 Times since 1950; Has Doubled in Your Lifetime

Uneven Growth

GDP Growth In Your Lifetime

Recent Trends

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