Word: gdp
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...responsibility of a candidate's plan is to compare the total amount of government revenue from taxes they plan to raise against the gross domestic product, which is the sum total of the nation's economic activity. According to congressional accountants, the Federal Government spent about 20% of the GDP in 2007, while taking in 18.8% of the GDP in taxes. The difference between spending and tax receipts - about $162 billion - was the budget deficit...
...According to the Tax Policy Center, neither Obama nor McCain has laid out plans to close the budget deficit over the next 10 years under current spending regimes. Not counting health proposals, the McCain plan would collect about 17.9% of GDP through taxes. The Obama plan would collect about 18.4%. For comparison, congressional accountants predict that, under current law, the Federal Government is projected to spend about 19.7% of GDP in the same time period, meaning both McCain and Obama would run deficits - 1.8% and 1.3% of GDP, respectively - without significant cuts in federal spending or surprising growth...
...Flanders and Wallonia often seem to have entirely separate economies and cultures, and rarely have much interaction. Flanders, home to 6.5 million, is by far the country's economic dynamo, with a GDP per head of 124% of the EU average compared with just 90% for the 3.5 million in Wallonia...
...under control. But these same measures suppress the investment and consumption that generates growth, threatening to put the brakes on Asia's unusually fast and relatively untroubled expansion. Glenn Maguire, chief Asia-Pacific economist for Société Générale in Hong Kong, estimates that GDP growth in East Asia (excluding China and Japan) could sink from about 6.5% this year to 5% in 2009, the slowest rate since 2001. Inflation, Maguire says, "is the largest risk to Asian growth since the financial crisis...
...help throttle price increases, Chinese officials employed a mix of policies that included limits on bank lending, a throwback to the country's command-economy days. Yet, despite these steps, the mainland's growth does not appear to be slowing appreciably. Investment bank Lehman Brothers expects China's GDP to expand 9% this year and 8% in 2009. "I think they are striking a very delicate balance between controlling inflation and supporting growth," says Qing Wang, chief China economist for Morgan Stanley, which projects even higher growth in China - 10% this year...