Sunday, July 18, 2010
It is the Spending, Stupid
This week, federal red ink topped $1 trillion. And there's still three months to go before the government's accounting year finishes. To put that in some perspective, the entire federal budget didn't reach $1 trillion until 1987...
The simple fact is that deficits are out of control right now because spending is out of control. That's the pretty obvious lesson drawn from looking at the past 60 years of federal budget data.