Essay Example on Current US GDP & Federal Debt: 85.91 Trillion & ~23.17 Trillion Respectively

Introduction

GDP stands for Gross Domestic Product. It represents the monetary value for the finished products and services within country borders during a particular period.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Save 25%

Using Google or any other search engine, report the current GDP. The number you are looking for is in trillions of dollars.

As published by the World Bank in 2018, the current GDP stands at 85.91 trillion USD

Using Google or any other search engine, report the current Federal debt in trillions of dollars.

1st May 2020 federal debt was 19.05 trillion USD

Using Google or any other search engine, report the bottom line of the current (latest) budget approved by Congress in trillions of dollars (surplus or shortage). Note that the fiscal year for the federal government is October 1 – September 31.

In 2020, federal deficient of $1.0 trillion, deficient average $1.3trillion per and a total of 13.1 trillion for projected period of 2021-2030 (Siliverstovs, 2020).

Using Google or any other search engine, report the bottom line of the current (latest) budget approved by Congress in trillions of dollars (surplus or shortage). Note that the fiscal year for the federal government is October 1 – September 31.

For the fiscal year 2020, by April 15 the federal budget had a deficit of about $1.9 trillion. For the year 2019, revenues of $3.5 trillion were recorded—a mandatory outlay of %2.7 trillion of the total $4.4 trillion. A discretionary expenditure of $1.3trillion was also marked with a net interest of $0.4 trillion (Tang, Yemba and Chang, 2020).

Using Google or any other search engine, report the bottom line of the current (latest) budget approved by Congress in billions of dollars (surplus or shortage). Note that the fiscal year for the federal government is October 1 – September 31.

For the period by 15th April, 2020, a deficit of $1.9 was recorded.

Using Google or any other search engine, report the bottom line of the current (latest) budget approved by Congress in trillions of dollars (surplus or shortage). Note that the fiscal year for the federal government is October 1 – September 31.

A total aggregate debt of $24.95 trillion was reported as on May 1, 2020. That held by the public was $19.05 trillion and that held by intra-governmental holding was $5.9 trillion.

What inference can you draw from the numbers collected? How do the numbers impact the American economy?

From the US public debt share of the GDP, there is a likelihood of increased recessions and decline. The increased would imply slower economic growth rates, especially for manufacturing companies and private companies. The figures would also have implications of the Federal Reserve policymakers. The potential cut down in interest rates would slow down the growth of the economy. Therefore, what most citizens and investor are experiencing is driven by technology from the conventional measure of how the economy is performing. Notably, GDP is an instrument measuring a long term impact on the economy. Therefore, it is severe to notice the monetary implications, especially with the new technology emerging.

References

Siliverstovs, B. (2020). Assessing nowcast accuracy of US GDP growth in real time: the role of booms and busts. Empirical Economics, 58(1), 7-27.

Tang, B., Yemba, B., & Chang, D. (2020). Divisia monetary aggregates and US GDP nowcasting. Applied Economics, 1-17