Runaway Spending, Not Inadequate Tax Revenue, Is Responsible for Future Deficits

The main driver behind long-term deficits is government spending, not low revenue. While revenue will surpass its historical average of 18.1 percent of GDP by 2018, spending remains above its historical average of 20.2 percent, reaching 22.1 percent by 2022, even after $2.1 trillion in spending cuts in the Budget Control Act.

Runaway Spending, Not Inadequate Tax Revenue, Is Responsible for Future Deficits.

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Posted on May 7, 2012, in AMERICAS, Economic policy, Graphic of the Day, North America, ObamaCare, Progressive Agenda, Social Security, Tax Payer's Dime, Tax Policy, United States and tagged , , , , , , , . Bookmark the permalink. Comments Off on Runaway Spending, Not Inadequate Tax Revenue, Is Responsible for Future Deficits.

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