🚀 go-pugleaf

Jon wrote:

> "The massive growth in the state during this presidency (faster than
> under Bill Clinton, 

http://www.taxfoundation.org/2004budgetperspective.html

President Bush�s fiscal year 2004 budget, released yesterday by the 
Office of Management and Budget (OMB), requests $2.2 trillion in total 
spending and anticipates $1.9 trillion in total receipts. In other 
terms, based on administration forecasts, federal spending will be 19.7 
percent of Gross Domestic Product (GDP) and receipts will total 17.0 
percent of GDP in fiscal year 2004. Spending of $2.2 trillion represents 
a 2.2 percent increase over the administration�s most recent estimates 
for the current fiscal year and a 25.3 percent increase compared to a 
decade ago, fiscal year 1994, after adjusting for inflation. The $1.9 
trillion in anticipated collections represents a 2.7 percent increase 
over the administration�s most recent estimate for the current fiscal 
year and a 25.5 percent increase compared to a decade ago. Figure 1 
shows federal outlays and receipts as a percentage of GDP since 1940.

The administration�s budget shows a current year (fiscal year 2003) net 
deficit of $304.2 billion and a net deficit of $307.4 billion in fiscal 
year 2004. The budget shows continued deficits through at least 2008. 
The deficits over this period will increase outstanding debt held by the 
public from an estimated $3.9 trillion at the end of fiscal year 2003 to 
an estimated $5.0 trillion in 2008. Measured as a percentage of GDP, 
debt held by the public is expected to increase from 36.1 percent of GDP 
at the end of fiscal year 2003 to 36.4 percent of GDP at the end of 
fiscal year 2008.

It is important to put the current budget proposal into historical 
context. To do so, it is necessary to translate current spending and 
revenue proposals into real terms either by adjusting for inflation or 
by expressing the proposal in terms of the broader economy. Looking 
merely at the budget in nominal terms that do not account for inflation 
or economic growth is misleading and inaccurate. The table below 
contains information about the current budget in the context of the 
post-World War II era and the past three administrations. Highlights 
include:

The President�s budget proposes spending $390.4 billion on defense 
related activities in FY 2004. This amounts to 17.5 percent of all 
spending and 3.5 percent of GDP.

-This level is roughly the same as defense spending was in 1996, which 
amounted to 17.0 percent of all federal spending and 3.5 percent of GDP.

-Defense spending in 1987, the height of the Reagan build up, was 28.1 
percent of all federal spending and 6.1 percent of GDP.
The President�s budget proposes a fiscal year 2004 budget deficit of 
$307.4 billion, which is 13.8 percent of all spending and 2.8 percent of 
GDP.
-This level is roughly the same as the deficit was in 1994, which 
amounted to 13.9 percent of all spending and 2.9 percent of GDP.

-Deficit spending in 1983, the highest point during the Reagan 
administration, was 25.7 percent of all spending and 6.0 percent of GDP.

-- 
��ࡱ�