Economics 101 Literature & Language Research Paper (Research Paper Sample)
Look at the pictures of the tables and answer the questions of the docs I attached.
1 Explain briefly and interpret the trends in the growth of government revenues, government expenditures and government debt of the G7 countries during the period 1980-2018. (15 marks)
* United States of America
In the 1980s, the debt ratios increased sharply because of increased military expenditure and reduced tax rates. Between 1990-2000, the debt ratio decreased due to increased taxation and reduced military spending. The debt ratio since 2001 has been on an increasing trajectory rising from 53.1% (2001) to 105.8% (2018) because of the enormous military expenditure. Also, the 2008 financial crisis led to the loss of massive capital tax revenue, therefore, increasing budgetary deficits.
Japan has the highest debt ratio calculated at 237.1% in 2018. However, the country’s income was highest between 1980-1990 due to the high performance of critical sectors like manufacturing and exportation. The depression between 1995 to 2000 and the years that followed raised the debt ratio further. Government expenditure remained high throughout the period.
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