Hogberg calculates that had spending from FY1998-2012 increased consistent with population-plus-inflation growth, revenues would have exceeded spending by $177 billion – a net budget surplus! Instead, because of the dramatic increase in spending, the federal government racked up an additional $6.7 trillion of new debt.
Every objective observer knows that the elephant in the room is the out of control rate of spending increases over the last many years. True to form, however, Washington – and particularly Barack Obama - is laser focused on who they can raise tax rates on and by how much. Their efforts would be better directed at putting the Spending Genie back in the bottle.