This tracks federal outlays (red line) vs. federal receipts (blue), as % of nominal GDP, 2001-2022. Isn't it clear from the relatively stability of the blue line vs the take-off of the red, that soaring debt has been due to outlays far exceeding revenues?! Gray bars=recessions.

This tracks federal outlays (red line) vs. federal receipts (blue), as % of nominal GDP, 2001-2022. Isn't it clear from the relatively stability of the blue line vs the take-off of the red, that soaring debt has been due to outlays far exceeding revenues?! Gray bars=recessions. pic.twitter.com/0dTG4nisvd

— Gene Epstein (@GeneSohoForum) November 30, 2023