GDP In 2023 Finishes Strongly Driven By Deficit Government Spending

Described as a surprise to many economists, in the fourth quarter of 2023, the United States’ GDP grew at an annualized 4.9% according to numbers from the Federal Reserve as reported by CNBC.

With the economy showing strong growth numbers in the last half of 2023, the overall GDP rate for the overall economy was 3.2% which is a slight revision from the estimate in January.

Public sector deficit spending was one of the key factors cited in the great number as the continued drumbeat of deficit spending continued according to many measures. Current national debt and rising interest rates have led debt service to be one of the largest single budget outlays nationally.

Recent figures have shown that for every $1.25 or more of deficit spending, the US achieves approximately $1 of GDP growth.

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