True or False: 1. Federal spending has grown substantially in recent decades. 2.

Question

True or False:

1. Federal spending has grown substantially in recent decades.

2. By world standards, the U.S. government controls a relatively large share of the U.S. economy.

3. A majority of the federal government’s revenue is collected through personal income taxes.

4. Education spending is slightly larger at the federal level than at the state and local level.

5. State and local government spending has not risen much in recent decades.

6. Defense spending is higher now than ever.

7. The share of the economy going to federal taxes has increased substantially over time.

8. Foreign aid is a large portion, although less than half, of federal spending.

9. Federal deficits have been very large for the last two decades.

10. The accumulated federal debt as a share of GDP is near an all-time high.

Explanation / Answer

1. Federal spending has grown substantially in recent decades: FALSE (it has only increased in nominal terms, and not real terms)

2. By world standards, the U.S. government controls a relatively large share of the U.S. economy: FALSE (it is owned combined by private and public players)

3. A majority of the federal government’s revenue is collected through personal income taxes: FALSE

4. Education spending is slightly larger at the federal level than at the state and local level: FALSE (it is higher on the state level)

5. State and local government spending has not risen much in recent decades: FALSE (it has increased to become 50%)

6. Defense spending is higher now than ever: FALSE

7. The share of the economy going to federal taxes has increased substantially over time FALSE

8. Foreign aid is a large portion, although less than half, of federal spending: FALSE (it comprises only 15 of the total spending)

9. Federal deficits have been very large for the last two decades: FALSE

10. The accumulated federal debt as a share of GDP is near an all-time high: FALSE

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