What’s the problem, revenue or spending?

posted by
April 20, 2011
The Liberty Papers
by Brad Warbiany  
Posted in Commentary

"So where is the problem, on the revenue side or on the spending side? Well, revenue in both percentage of GDP and in inflation-adjusted dollar amounts will be well above historical norms, assuming 'optimistic' revenue numbers for the government (expiration of Bush tax rates). Yet spending will still outclass revenue by over 3% of GDP per year with no end in sight. Even if we rescind the Bush tax cuts, pushing revenue to a level this nation has NEVER seen outside of WWII, we’re still unable to pay for the government our Congress demands, because those demands reach sustained levels never seen in the nation’s history with the exception of WWII." (04/20/11)


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