Chapter 31 Video Flashcards
1
Q
Deficit ?
A
Government spending - tax revenue over a year = deficit at the end of that year
2
Q
Who has the largest debt in the world?
A
The United States of America
3
Q
How large is americas debt?
A
Over 18 trillion
4
Q
Federal debt as a percentage of GDP
A
Ratio not highest other countries higher ratio
5
Q
Government spending goes mainly where?
A
25% on social security
25% on health care programs
6
Q
Default
A
The government loses credibility loans stop or higher interest creates recession
