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

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

Everyone wants to know more about the budget and here is some key information with a chart from the Heritage Foundation and a video from the Cato Institute.

The main driver behind long-term deficits is government spending—not low revenues. While revenue will surpass its historical average of 18.0 percent of GDP by 2021, spending will shoot past its historical average of 20.3 percent, reaching 26.4 percent in the same year.

PERCENTAGE OF GDP

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

Source: Heritage Foundation calculations based on Congressional Budget Office data.

Chart 11 of 42

In Depth

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