Social Security has revenues of $1.8 trillion and expenditures of $1.3 trillion. The nonsocial Security budget has revenue of $2.1 trillion and expenditures of $2.4 trillion. The official budget will report a _______________ (deficit/surplus) of $___________________. The national debt will ____________ (rise/ fall) by $______________.
Answer True or False for each of the following.
In recent years government debt grew much faster than GDP.
Conservative economists blame repealing Glass-Steagall for the financial crisis.
In the last few years the US has run the largest nominal deficits in US history.
Foreigners own more of the national debt today than 40 years ago
The Great Recession results in part from rapidly rising oil prices.
Subprime mortgages are those made at interest rates below the prime rate.
Economists agree that de-regulation lay behind the financial crisis.
Credit deposit swaps are mortgage based derivatives.
Social Security runs completely out of money and can’t pay benefits by 2018.
The national debt to GDP ratio in the U.S. has never been higher than right now.