Thank you for visiting Use the following table to answer the questions that follow Public Debt over Time Year United States France Italy Belgium Australia 2001 Debt 3 3. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!
Answer :
The country with the highest average yearly budget deficit over the time period is the United States. The US had a debt of $3.3 trillion and a GDP of $10.2 trillion in 2001 and a debt of $12.2 trillion and a GDP of $15.0 trillion in 2011.
This results in an average yearly budget deficit of $1.5 trillion. France had the second highest average yearly budget deficit at $0.5 trillion, followed by Italy at $0.2 trillion, Belgium at $0.1 trillion, and Australia at $0.1 trillion. This means that the US had the highest average yearly budget deficit over the time period.
The US had the highest average yearly budget deficit over the time period due to a number of factors. One of the primary reasons for the US having the highest average yearly budget deficit was the country's increased spending on military operations in Iraq and Afghanistan.
Additionally, the US was hit hard by the 2008 financial crisis, which resulted in increased spending on economic stimulus packages and bailouts of financial institutions. These factors contributed to the US having the highest average yearly budget deficit over the time period.
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