United States economic performance is strong, but tax revenues are much lower than the advanced democracies.
ECONOMIC PERFORMANCE 1
|Green||Ranked first for statistic|
|Red||Ranked last for statistic|
|GDP per capita as % of US GDP||GDP per hour worked as % of US GDP||Tax revenue as % of GDP||Tax revenue per capita||Government debt as a % of GDP|
|United Kingdom||69.3||79.7||33.48||$ 14.21||117|
|United States||100.0||100.0||26.58||$ 16.05||136|
GDP per capita as percent of US GDP, 2021
Gross domestic product (GDP) per capita is a financial metric that breaks down a country’s economic output per person and is calculated by dividing the GDP of a nation by its population. USA = 100. Data from OECD. Data confirmed March 8, 2023.
GDP per hour worked as percent of US GDP, 2021
Tax revenue as percent of GDP
All data from 2021 except for Australia (2020) and Japan (2020).
Tax revenue per capita
All data from 2020, except Australia (2019) and Japan (2019)
Government debt as percent of GDP
All data from 2019 except Japan (2018).
“For Whom the Economy Grows” Paul Krugman
August 30, 2018.
The GDP by itself isn’t an accurate measure of economic success, as discussed by Krugman. There is a disconnect between overall and individual growth that should be taken into account.