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Growth Fact #3 of 10: Making Our Budget Look More Like Germany's

March 15, 2012 by STRATeCOMM - We Got Web

The editors of the 4% Growth Project asked Bush Growth Fellow Ike Brannon to look into 10 things that would happen if the U.S. economy grew at 4% each year in real terms for 10 years. We will unveil one growth fact each week. To read all previous growth facts, click here. Growth Fact #3 of 10: If the economy grew at 4% per year, we would see a 30% reduction in the 10-year budget deficit — subtracting almost $3.2 trillion from the projected $10.9 trillion deficit[i] and making our budget look less like Greece’s and more like Germany’s.


[i] This assumes other things do not change. See “Fiscal Year 2012 Analytical Perspectives, Budget of the United States Government,” Office of Management and Budget, Table 3-1; Gordon Gray, CBO January Baseline: Behind the Numbers, American Action Forum publication, 7 February 2012, http://americanactionforum.org/topic/cbo-january-2012-baseline-behind-numbers, which uses the CBO alternate analysis as its baseline, which is their projected deficit if the provisions expiring in 2013 remain in the law; http://www.gfmag.com/tools/global-database/economic-data/10395-public-deficit-by-country.html#axzz1mTVbpT2q.

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