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The monitoring of federal spending and taxation and its variation between states in the United States began in 1977 under a query run by Daniel Patrick Moynihan, Democratic senator of New York. The query was designed to determine whether the state of New York was paying more in taxes than it was receiving in federal spending.
The data source for the list is the Bureau of Economic Analysis (BEA) in 2024. The BEA defined GDP by state as "the sum of value added from all industries in the state." [1] Overall, in the calendar year 2024, the United States' Nominal GDP at Current Prices totaled at $29.017 trillion, as compared to $25.744 trillion in 2022.
However, federal spending increased relative to state and local spending as a result of World War I and World War II, and by the 1930s, state and local government spending accounted for less than one half of government spending. By 2019, federal spending was more than 20% of GDP, while state and local spending hovered around 17% of GDP.
The US is a massive, complex economy, and so too are the component economies of the 50 states and Washington, DC, that make up the whole. Every US state economy ranked from worst to best Skip to ...
This is a list of U.S. states and territories by economic growth rate.This article includes a list of the 50 U.S. states, the District of Columbia, and the 5 inhabited U.S. territories sorted by economic growth — the percentage change in real GDP for the third quarter of 2023 is listed (for the 50 states and District of Columbia), using the most recent data available from the U.S. Bureau of ...
That innovation potential was a differentiator for California, particularly in comparison to another economic and cultural hub: New York. Despite having the third-best state economy, California ...
Energy subsidies are measures that keep prices for customers below market levels, or for suppliers above market levels, or reduce costs for customers and suppliers. [4] [5] Energy subsidies may be direct cash transfers to suppliers, customers, or related bodies, as well as indirect support mechanisms, such as tax exemptions and rebates, price controls, trade restrictions, and limits on market ...
Oil and gas companies could be paid billions of dollars via federal and state subsidies to drill and produce fossil fuels in the Permian Basin, both in Texas and New Mexico.. The basin generates ...