Did you know....
When you compare federal expenditures since 1970 to the share of GDP, the spending in 2001, 2002, and 2003, federal expenditures remain at a relatively low leve by historical standards. For instance, if you look at 2003, at 20.1 % of the GDP, federal expenditures:
~were lower than ANY year from 1975 through 1996
~Are lower than the level of expenditures at identical periods of past business cycles (during periods of economic slumps) Expenditures averaged 21.4% of the GDP in 175, 22.3 % in 1991, and 23.3% in 1982. In all 3 of thse periods, the budget was suffering the effect or after-effects of a recesiion as it is now.
Interesting how the press can convince so many people that we've entered a new era of uncontrolled spending compared to our GDP, when in actuality, its been the LOWEST in 25 years.
All I can say to you folks that swallow this "Press bait" hook, line and sinker is....FISH ON!
