US infographic

American’s Recession Compared:

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How the recovery in the United States compares with previous ones
THE great recession hit America even harder than previously thought. The GDP data released today by the Bureau of Economic Analysis (BEA) show that output rose by an annualised 1.3% over the second quarter of 2011, worse than had been expected. But the department’s annual revisions to previous figures contained still worse news. Annual GDP growth for 2008 and 2009 was revised down by 0.3 and 0.9 percentage points; the 2010 figure was revised up, but not by enough to compensate.

The release means that output in America is still at a lower level than its peak before the recession, a point earlier numbers said had been passed at the end of last year. When compared to the three other slowest post-war recoveries, the current “jobless recovery” has been thought unique in its lack of employment growth. After previous recessions an acceleration in output had helped the employment recover to its initial level. The BEA’s new figures show that with output having grown less than previously thought, America’s jobless may have longer to wait for a similar boost.

This entry was posted in Economic Indicators, Recession, US infographic.

Federa Tax Vs Fiscal Transfers : US Debt Infographic

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SOME American states receive more in federal spending than they pay in federal taxes; others receive less. Over twenty years these fiscal transfers can add up to a sizeable sum. From 1990 to 2009, the federal government spent $1.44 trillion in Virginia but collected less than $850 billion in taxes, a gap of over $590 billion. But relative to the size of its economy, Virginia derived a smaller benefit from America’s fiscal union than states like New Mexico, Mississippi and West Virginia, where the 20-year transfer exceeded 200% of their annual GDP.
Transfers to Puerto Rico, which is a US territory not a fully incorporated state, exceeded 290%. Where did these transfers come from? New York transferred over $950 billion to the rest of America’s fiscal union from 1990 to 2009. But relative to the size of its economy, Delaware made the biggest contribution, equivalent to more than twice its 2009 GDP. These calculations are based on tax figures provided by the Internal Revenue Service (which used to bracket Washington, DC, with Maryland) and federal spending numbers provided by the Census Bureau, which ignores spending on international programmes and interest payments.

source : Economist

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Living and Working at Silicon Valley

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The State of USA Public Debt

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WHILE Congressmen trade over concessions and budget cuts, the clock continues to tick on America’s debt. Barack Obama has set a deadline of July 22nd for Congress to agree on a deal. On August 2nd, the $14.294 trillion threshold at which by law America can no longer borrow money, will be reached. If that happens, America will default on its debt, triggering “a huge financial calamity” according to Ben Bernanke, the Federal Reserve chairman. On June 30th, there remained just $25m left in the kitty. Congress has acted a total of 91 times since June 1940 to either raise, extend or alter the definition of the debt limit—36 times under Democratic presidents. And they have done so with some 300 days to spare on average.

This entry was posted in finance infographic, US infographic.