Finding Gross Domestic Product Through Figures and Statistical Data

Gross Domestic Product Activity
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Gross Domestic Product Activity
Defining GDP: Gross Domestic Product is the market value of all final goods and services produced within an economy. The sale of used goods is not included in GDP as it is the transfer of an asset, not an addition to income. The goods and services used to produce final goods are not counted twice. Only the value of the final good is a part of the GDP.
Current GDP: The current GDP measure of the United States is 21.49 trillion U.S dollars (BEA, 2021).
Current Federal Debt: The current Federal Debt of the U.S economy is $28.09 trillion, which equals about $85080 per person (Peterson, 2021).
Outlays: The current outlays are $5.8 trillion, which is far more than the revenue. Hence outlays are in surplus.
Revenue: The revenues amounted to $3.5 trillion approved by Congress, which falls below the expenses. Hence there is a shortage of revenue.
Deficit: The economy is facing a deficit of $2.3 trillion which is deemed as a shortage.
Debt Held by the Public: $16.8 tril...