Federal government spending (excluding transfer payments) in 1997 was what percentage of GDP?
- simplicitusLv 71 decade agoFavorite Answer
Excluding transfer payments, the answer is probably (a), but may well be none of the above.
In addition to the obvious, such as Medicare, Social Security, etc. transfer payments include veterans benefits, government subsidies, government pensions, transfer payments to the states, etc.
That means that well over 60% of the federal budget was (and is) for transfer payments.
In 1997, the total budget was about $1.7 trillion so excluding the transfer payments brings to under $650 billion.
The GDP was about $8.25 trillion, so $650 billion was less than 10% of the GDP.
As more than one person has noted, the U.S. government is primarily a very large insurance with a large army.
GDP was about $8.1 trillion:
- armindaLv 44 years ago
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