US GDP for 2023 Updated

On January 19, 2024 usgovernmentspending.com updated its GDP series with the latest data from the Bureau of Economic Analysis, under "Supplemental Information and Data" including nominal US GDP for third quarter 2023 of $25.464 trillion and real US GDP  for third quarter 2023 of $20.015 trillion in 2017 dollars. Real GDP is now expressed in 2017 dollars.

Up to now, usgovernmentspending.com has shown GDP for calendar years. But the OMB forecast for US GDP in Table 10.1 - Gross Domestic Product and Deflators Used in the Historical Tables uses GDP for the US federal government's fiscal year that ends every year on September 30. So we have changed GDP to the US fiscal year.

Thus GDP, real and nominal, looks like this:

• US GDP source from 1790 to 1928 is calendar GDP from measuringworth.com.
• US GDP source from 1929 to 1946 is calendar GDP from the Bureau of Economic Analysis, under "Supplemental Information and Data"
• US GDP source from 1947 to the present is third quarter GDP from the Bureau of Economic Analysis, under "Supplemental Information and Data."

usgovernmentspending.com computes inflation rate as:

((This Year GDP - Last Year GDP)/Last Year GDP - (This Year Real GDP - Last Year Real GDP)/Last Year Real GDP)*100.

Medicaid Update for FY 2022

On December 13, 2023, the Centers for Medicare and Medicaid Services (CMS) published its annual report on National Health Expenditures and its NHE Tables includes data on Medicaid from 1960 to 2022. On January 12, 2024, usgovernmentspending.com updated its Medicaid data.

Item	2022 Estimate	2022 Actual
Federal Medicaid	$591.9 bn	$591.9 bn
State Medicaid (net)	$274.7 bn	$213.8 bn
Total Medicaid	$866.6 bn	$805.7 bn

The federal Medicaid number comes from the Federal Budget Subfunction 558: Grants to states for Medicaid. The state contribution comes from the NHE Tables.

usgovernmentspending.com publishes "guesstimates" of state and local spending from the latest year published by the Census Bureau (currently FY 2022) to the last year in the Historical Tables of the federal budget (for the FY 2024 budget that is 2028). So we have developed "guesstimates" of Medicaid spending going out to 2028, assuming that the overall Medicaid spending increases at the same rate as the federal "Grants to States for Medicaid" increases.

National Health Expenditure data is updated each year in mid December.