I just love these graphs! (Can you say that about graphs you made?? We–RK and I–were only able to make them because my formidable co-author Richard Kogan dug up data on deficits as a share of GDP going back the beginning of the nation!)
UPDATE: Someone pointed out that we neglected to provide sources for Richard’s data. Here ’tis:
- Deficits through 1900 are from TABLE Ea584–587 Federal government finances – revenue, expenditure, and debt: 1789–1939 [Historical Statistics of the United States, Millennial Online Edition, Cambridge University Press, 2014] http://hsus.cambridge.org/HSUSWeb/HSUSEntryServlet
- Deficits from 1901 on are from OMB Historical Tables 1.1, https://www.whitehouse.gov/omb/budget/Historicals/
- GDP growth rates are derived from Louis D. Johnston and Samuel H. Williamson, “What Was the U.S. GDP Then?” MeasuringWorth, through 1929. http://www.measuringworth.com/usgdp/
- GDP growth rate are derived from OMB Historical Table 10.1 from 1950 on, https://www.whitehouse.gov/omb/budget/Historicals/
Our use of sources 3 and 4 is explained in more detail, and over the entire period 1792-1930, in Appendix 1 of this CBPP analysis.