As we approach the New Year, concerns are mounting that the current budget impasse in Washington could trigger another recession in the world’s largest economy. From the Great Depression to the Great Recession, how has the American economy changed over the years?
In the year 2000, US manufacturing accounted for 14.2 percent of total GDP. But by 2011, manufacturing as a share of national output had declined to 11.5 percent, equivalent to a decline of $404 billion. Conversely, some sectors of US industry represent a much larger share of the GDP now than they did in 2000. For example, government spending has increased by $149 billion annually since the year 2000, contributing to America’s unsustainable deficit and debt trajectory.
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