At the start of 2020, the federal debt is 21 trillion. During 2020, the government spends...

Question

Question

At the start of 2020, the federal debt is 21 trillion. During 2020, the government spends...

At the start of 2020, the federal debt is 21 trillion. During 2020, the government spends 3.5 trillion, and takes in 2.5 trillion in taxes.
What will the federal debt be at the start of 2021?

business economics

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Solution-

Federal debt during 2020=

Total spending- Total earnings

(Total revenue = tax = 2.5 trillion)

=3.5-2.5= 1 trillion.

So, Federal debit at the start of 2021=

Federal debit at the start of 2020 + Federal debit during 2020

= 21+1 =22 trillion.

Add a comment

Answer 2

Similar Homework Help Questions

Suppose that the total debt of the U.S. federal government at the end of 2017 was...

Suppose that the total debt of the U.S. federal government at the end of 2017 was $19 trillion. In 2018, the government spends $3.2 trillion and collects $2.2 trillion in taxes. What will be the total debt at the end of 2018?
The Current U.S. government spending is $4.746 trillion. That's the federal budget for fiscal year 2020...

The Current U.S. government spending is $4.746 trillion. That's the federal budget for fiscal year 2020 covering October 1, 2019, to September 30, 2020. It's 21% of gross domestic product. That means that Government Spending in the United States has increased under the current U.S. Administration. Additionally, last year the Congress passed a tax reform that, among other effects, cut payroll taxes: i) Can you establish the macroeconomics effects of these policies on consumption, investment, interest rate and savings? Use...
Problem 1 (10 marks) Suppose GDP equals $300 trillion, consumption equals $24 trillion, the government spends...

Problem 1 (10 marks) Suppose GDP equals $300 trillion, consumption equals $24 trillion, the government spends $3 trillion and has a budget deficit of $500 billion. Find public saving, taxes, private saving, national saving, and investment.

Suppose that in 2016 the federal government spent $730 billion and collected $480 billion in taxes...

Suppose that in 2016 the federal government spent $730 billion and collected $480 billion in taxes while in 2017, government spending fell to $680 billion and government revenue increased to $780 billion. If the government debt was $5 trillion at the beginning of 2016, what will it be at the end of 2017? Select one: a. $5.35 trillion b. $5.25 trillion c. $5.15 trillion d. $4.85 trillion e. $4.75 trillion
Problem 1 (10 marks) Suppose GDP equals $300 trillion, consumption equals $24 trillion, the government spends...

Problem 1 (10 marks) Suppose GDP equals $300 trillion, consumption equals $24 trillion, the government spends $3 trillion and has a budget deficit of $500 billion. Find public saving, taxes, private saving, national saving, and investment. Problem 2 (10 marks) You take $500 that you held as currency and put it into the banking system. The reserve ratio is equal to 20%. Calculate the money multiplier. By how much will increase the total amount of deposits in the banking system?...
During a period of recession, a federal government surplus should retire debt owed a. the Federal...

During a period of recession, a federal government surplus should retire debt owed a. the Federal Reserve. b. commercial banks. c. the general public. d. the Federal Deposit Insurance Corporation.

Gross public debt is O A. all federal government debt irrespective of who owns it. O...

Gross public debt is O A. all federal government debt irrespective of who owns it. O B. the total value of budget deficits plus budget surpluses over the past five years. O C. an excess of government spending over government revenues during a given time period. O D. a situation in which the government's spending is exactly equal to the total taxes and other revenues it collects during a given time period. Click to select your answer.
The United States is over $22 trillion dollars in debt, with year after year of deficits...

The United States is over $22 trillion dollars in debt, with year after year of deficits adding to that total. There is no easy solution to this national crisis- You can cut spending but which federal programs will lose their funding? Or you can raise taxes, but that means less money in American's pockets- Regardless of the proposed solution, unintended consequences will arise. What strategy should the national government utilize in order to get America out of debt? Balanced budget...
Tables GOP 58.7 trillion Consumption $3.2 trillion Spending Taxes minus Transfers $2.7 trillion Government $30 trillion...

Tables GOP 58.7 trillion Consumption $3.2 trillion Spending Taxes minus Transfers $2.7 trillion Government $30 trillion Purchases Refer to the Table 3-3. Supposing equilibrium exists in the market for loanable funds, what is the quantity of funds supplied in this market? O $2.5 trille Ostia O 50 trilio 0.531 trilio Table 5.2 Year Price of Burgers Quantity of Burgers 2017 $4.00 100 2018 $5.00 120 2019 $6.00 150 efer to Table 5-2. What is the nominal GDP for 2018? Price...

Match the terms with their definition. Budget surplus Budget deficit Balanced budget Government debt Answer Bank whe...

Match the terms with their definition. Budget surplus Budget deficit Balanced budget Government debt Answer Bank when the government receives more in taxes than it spends in a given time period the total accumulated amount that the government has borrowed and not yet paid back over time when the federal government spends more than it collects in taxes in a given time period when government spending and taxes are equal

At the start of 2020, the federal debt is 21 trillion. During 2020, the government spends...

Homework Answers

Add Answer to:
At the start of 2020, the federal debt is 21 trillion. During 2020, the government spends...

Post as a guest

Earn Coins

Suppose that the total debt of the U.S. federal government at the end of 2017 was...

The Current U.S. government spending is $4.746 trillion. That's the federal budget for fiscal year 2020...

Problem 1 (10 marks) Suppose GDP equals $300 trillion, consumption equals $24 trillion, the government spends...

Suppose that in 2016 the federal government spent $730 billion and collected $480 billion in taxes...

Problem 1 (10 marks) Suppose GDP equals $300 trillion, consumption equals $24 trillion, the government spends...

During a period of recession, a federal government surplus should retire debt owed a. the Federal...

Gross public debt is O A. all federal government debt irrespective of who owns it. O...

The United States is over $22 trillion dollars in debt, with year after year of deficits...

Tables GOP 58.7 trillion Consumption $3.2 trillion Spending Taxes minus Transfers $2.7 trillion Government $30 trillion...

Match the terms with their definition. Budget surplus Budget deficit Balanced budget Government debt Answer Bank whe...

At the start of 2020, the federal debt is 21 trillion. During 2020, the government spends...

Homework Answers

Add Answer to: At the start of 2020, the federal debt is 21 trillion. During 2020, the government spends...

Post as a guest

Earn Coins

Add Answer to:
At the start of 2020, the federal debt is 21 trillion. During 2020, the government spends...