The Congressional Budget Office has released its new Long-Term Budget Outlook and I will continue a now-annual tradition (see 2018, 2019, 2020, 2021, 2022) of sharing some very bad news about America’s fiscal future.
Here’s the most important chart. It shows two unfortunate developments. First, we see that the tax burden is gradually increasing as a share of economic output. Second, we see that the burden of federal spending is increasing even faster.
What happens when spending grows even faster than revenue?
We get more government debt. Or, to be more precise, this next chart shows that we get a lot more debt.
Indeed, the debt is going to reach unprecedented levels over the next 30 years.
I normally don’t fret that much about red ink. After all, deficits and debt are largely symptoms of a much bigger problem, which is excessive government spending.
That…
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Utopia, you are standing in it! 
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