Two years after World War I ended — in fiscal 1920 — the federal government spent approximately $6,358,000,000, according to Historical Table 1.1 published by the White House Office of Management and Budget.
At the same time, it collected approximately $6,649,000,000 in taxes — and ran a surplus of $291,000,000.
When that federal spending of $6,358,000,000 is adjusted for inflation from June 1920 dollars (the last month of that fiscal year) to June 2021 dollars (the latest month that can be calculated using the Bureau of Labor Statistics inflation calculator), it becomes $82,652,780,000.
The 1920 Census discovered that the United States had a population of 106,021,537. That means the $82,652,780,000 that the federal government spent in fiscal 1920 — when Woodrow Wilson was president — equaled $779.58 per person in the country (in June 2021 dollars).
Then, in 1929, the stock market crashed and the Great Depression began.
In 1930, when Herbert Hoover was president, the federal government spent a total of just $3,320,000,000, which equals $53,692,300,000 in June 2021 dollars. That means the federal government spent only $435.80 (in June 2021 dollars) per each of the 123,202,624 counted by the Census Bureau that year.
In 1932, Franklin Delano Roosevelt was elected president. In