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Capitol Hellway
GDP - Economics

US Gross Domestic Product – Where Do We Go From Here?

Posted on June 7, 2019January 16, 2021 by Capitol Hellway

Gross Domestic Product (GDP) = private consumption + gross investment + government investment + government spending + (exports – imports)

The United States has the largest economy in the world today with GDP at $20.4 trillion. The second-largest GDP is China’s at $14.1 trillion. Russia’s GDP is $1.75 trillion and Mexico’s GDP is 1.28 trillion.1


U.S. GDP by Year Since 19292

Year GDP (trillions)GDP Growth RateMajor Events
1929  $0.105    NAGreat Depression began
1930  $0.092  -8.5%Smoot-Hawley
1931  $0.077  -6.4%Dust Bowl
1932  $0.060-12.9%Hoover tax hikes
1933  $0.057  -1.2%New Deal
1934  $0.067 10.8%Deficit Spending
1935  $0.074   8.9%Social Security
1936  $0.085 12.9%FDR tax hikes
1937  $0.093   5.1%Depression returned
1938  $0.087  -3.3%Depression ended
1939  $0.093   8.0%WWII / Dust Bowl ended
1940  $0.103   8.8%Defense increased
1941  $0.129 17.7%Pearl Harbor
1942  $0.166 18.9%War
1943  $0.203 17.0%Defense spending tripled
1944  $0.224   8.0%Bretton Woods
1945  $0.228  -1.0%WWII ended. Recession
1946  $0.228-11.6%Truman budget cuts
1947  $0.250  -1.1%Cold War began
1948  $0.275   4.1%Recession
1949  $0.273  -0.6%NATO / Fair Deal
1950  $0.300   8.7%Korean War
1951  $0.347   8.0%War
1952  $0.367   4.1%War
1953  $0.389   4.7%War ended / Recession
1954  $0.391  -0.6%Dow returned to 1929 high
1955  $0.426   7.1%Infrastructure spending
1956  $0.449   2.1%Highway Act of 1956
1957  $0.474   2.1%Recession
1958  $0.481  -0.7%Recession ended
1959  $0.522   6.9%Fed raised rates
1960  $0.542   2.6%Recession
1961  $0.562   2.6%Deficit Spending / Recession ends
1962  $0.604   6.1%
1963  $0.638   4.4%
1964  $0.685   5.8%Medicare / Medicaid
1965  $0.742   6.5%
1966  $0.813   6.6%Vietnam War
1967  $0.860   2.7%War
1968  $0.941   4.9%Moon landing
1969  $1.018   3.1%Nixon took office
1970  $1.073   0.2%Recession
1971  $1.165   3.3%Wage-price controls
1972  $1.279   5.3%Stagflation
1973  $1.425   5.6%End of gold standard
1974  $1.545  -0.5%Watergate
1975  $1.685  -0.2%Recession ended
1976  $1.873   5.4%Fed lowered rate
1977  $2.082   4.6%Inflation.
1978  $2.352   5.5%Fed raised rate to 20% to stop inflation.
1979  $2.627   3.2%
1980  $2.857  -0.3%Recession
1981  $3.207   2.5%Reagan tax cut
1982  $3.344  -1.8%Recession ended
1983  $3.634   4.6%Tax hike and defense spending.
1984  $4.038   7.2%
1985  $4.339   4.2%Booming economy
1986  $4.580   3.5%Tax cut
1987  $4.855   3.5%Black Monday
1988  $5.236   4.2%Fed raised rates
1989  $5.642   3.7%S&L Crisis
1990  $5.963   1.9%Recession
1991  $6.158  -0.1%Recession
1992  $6.520   3.5%NAFTA drafted
1993  $6.859   2.8%Balanced Budget Act
1994  $7.287   4.0%Bond selloff
1995  $7.640   2.7%Fed raised rate
1996  $8.073   3.8%Welfare reform
1997  $8.578   4.4%Asian Financial Crisis
1998  $9.063   4.5%LTCM crisis
1999  $9.631   4.8%Repeal of Glass-Steagall
2000$10.252   4.1%Tech bubble burst
2001$10.582   1.0%9/11 attacks
2002$10.936   1.7%War on Terror
2003$11.458   2.9%Iraq War. JGTRRA
2004$12.214   3.8%Presidential race
2005$13.037   3.5%Katrina. Bankruptcy Act
2006$13.815   2.9%Fed raised rates
2007$14.452   1.9%Bank crisis
2008$14.713  -0.1%Financial crisis
2009$14.449  -2.5%Stimulus Act
2010$14.992   2.6%ACA. Dodd-Frank
2011$15.543   1.6%Extreme Deficit Spending
2012$16.197   2.2%Extreme Deficit Spending
2013$16.785   1.8%Sequestration
2014$17.522   2.5%Extreme Deficit Spending
2015$18.219   2.9%Extreme Deficit Spending
2016$18.707   1.6%Presidential race
2017$19.485   2.2%Trump Tax Act. Deregulation
2018$20.494   2.9%Fed raised rates

Where do you think we will go from here?

TBDTBDTBDTBD

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NOTES

  1. Source “GDP by Country 2019“
  2. Source “US GDP by Year Compared to Recessions and Events“
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