This graph provides an effective illustration of the severity of our indebtedness as a nation, and particularly the important roles played by Medicare, Medicaid and Social Security (Source: John F. Cogan, Hoover Institution):
Federal Budget Outlays – 1795-2065 (as percentage of GDP)
Published by Jim Garven
My name is Jim Garven. I currently hold appointments at Baylor University as the Frank S. Groner Memorial Chair of Finance and Professor of Finance & Insurance. I also currently serve as an associate editor for Geneva Risk and Insurance Review. At Baylor, I teach courses in managerial economics, risk management, and financial engineering, and my research interests are in corporate risk management, insurance economics, and option pricing theory and applications. Please email your comments about this weblog to James_Garven@baylor.edu. View all posts by Jim Garven
Great graph on federal budget outlays, 1795-2065. I have been trying to find the source. Any hints?(I searched under “John Cogan” with no luck.)
See http://www.stanford.edu/class/econ21si/Cogan%20Handouts.pdf, which references a 2005 publication by Professor Cogan (see the bottom right side of the graph from the above referenced PDF file.