Despite the fact that total federal outlays as a percent of GDP have been remarkably constant since 1969 fluctuating around 20%.
The country as a whole has been running deficits. In fact, we're only run a surplus in four of the last 40+ years. That means we've been issuing a lot of debt. But interestingly enough...
Interest paid as a percent of total federal expenditures dropped at the beginning of this decade thanks to record low interest rates. In addition,
Interest paid as a percent of GDP has dropped as well.
