Generally speaking, you do not need to keep the following in a safe deposit box: income tax returns, education records, employment records, bankbooks, social security cards, guarantees, and burial instructions. Keeping Tax Records. But you don't have to keep everything for tax purposes.
Definition of Deficit and Debt. 1  Deficit relies to the annual borrowing requirement of the government. 2  Debt related to the total level of public sector debt built over previous years. 3  In 2010/11 UK public sector deficit is forecast to be around Â£149bn of or 12% of GDP.
CHART 1: First, here's our debt-to-GDP ratio. As you can see, we currently have a high debt-to-GDP ratio, but not an unprecedented one. We had a higher one after World War 2, and that worked out fine. Congressional Budget Office. CHART 2: Here's our annual deficit as a percent of GDP. As you can see, it ballooned during the Bush years and financial crisis, but it is now shrinking again. This year, the deficit is expected to shrink all the way to 4% of GDP, the lowest since 2004. St. Louis Fed, Business Insider.