Chart of the Day: Spending Spree

Share on facebook
Facebook 0
Share on twitter
Twitter
Share on linkedin
LinkedIn 0
Share on reddit
Reddit 0
Share on delicious
Delicious
Share on digg
Digg
Share on stumbleupon
StumbleUpon 0
Share on whatsapp
WhatsApp
Share on email
Email
Share on print
Print

Via Greg Mankiw comes this stark chart from Tino Sanandaji of Super-Economy, it shows non-defense spending as a percentage of US GDP over the last 35 years.

A few things to note:

– The tax increases on the “rich” the Obama has proposed would not solve this issue — the CBO projects that those would have resulted in $1Trillion in revenues over the next ten years while the deficit was projected at $13Trillion.
– This is not just the result of the GDP shrinking — that would mean that the GDP had shrunk by nearly a third.
– Nor is this only temporary spending. The graph which includes CBO projections for continued spending through 2016 (at which time the CBO projects the recession to be fully over) does not look any better.

More to explorer

Eating Their Own

  News that I missed, courtesy of The Babylon Bee:   WASHINGTON, D.C.—Representative Alexandria Ocasio-Cortez is busy celebrating her victory over the

2 Comments

Comments are closed.