"To isolate the real root of the U.S. fiscal problem, one need only tally the growth rates of key figures since 1950, starting with the biggest increase and ending with the smallest: federal spending (+88 times), interest on the national debt (+74 times), the federal debt (+55 times), federal tax revenues (+54 times), nominal GDP (+49 times), inflation (+8 times), and population (+1.4 times). Was it really necessary that federal outlays increase 88 times since 1950, equivalent to 63 times population growth, 10 times the inflation rate, and 2 times the economy’s growth rate? Was it conducive to our prosperity? No. Was it moral? I think not."
So, . . when do we confront this?
It better be soon, Art. You can only undermine foundations so far before the building collapses.
Great link.