Wasn’t the U.S. total GDP lower back then though? Percentage of GDP would be a better comparison. E.g. in 2023, the U.S. GDP was approximately $25 trillion. 1%

Wasn’t the U.S. total GDP lower back then though? Percentage of GDP would be a better comparison. E.g. in 2023, the U.S. GDP was approximately $25 trillion. 1% of that is about $250 billion.