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GDP DEFLATOR: A price index based on the calculation of real gross domestic product that's used as an indicator of average prices in the economy. Those loveable economists who spend their days and nights compiling and estimating the size of our economic pie provide estimates of gross domestic product in both nominal dollars and real dollars.
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PRICE LEVEL The average of the prices of goods and services produced in the aggregate economy. In a theoretical sense, the price level is the price of aggregate production. In a practical sense, the price level is commonly measured by either of two price indexes, the Consumer Price Index (CPI) or the GDP price deflator. The CPI is the price index widely publicized in the media and used by the general public. The GDP price deflator, in contrast, is less well-known, but is usually the price index of choice among economists. The inflation rate is calculated as the percentage change in the price level.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"You can't build a reputation on what you are going to do." -- Henry Ford, automaker
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ACIR
Advisory Council on Intergovernmental Relations
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