12.3 Federal deficits and the national debt  (Page 6/10)

Federal spending has grown substantially in recent decades.By world standards, the U.S. government controls a relatively large share of the U.S. economy.A majority of the federal government’s revenue is collected through personal income taxes.Education spending is slightly larger at the federal level than at the state and local level.State and local government spending has not risen much in recent decades.Defense spending is higher now than ever.The share of the economy going to federal taxes has increased substantially over time.Foreign aid is a large portion, although less than half, of federal spending.Federal deficits have been very large for the last two decades.The accumulated federal debt as a share of GDP is near an all-time high.