Between 1974 and 2023, tax revenue averaged 17.3% of GDP, while government spending averaged 21%. By 2034, revenue will be 18% of GDP, but spending will be 24.9%. The government’s rising debt can thus be attributed to spending.

Between 1974 and 2023, tax revenue averaged 17.3% of GDP, while government spending averaged 21%. By 2034, revenue will be 18% of GDP, but spending will be 24.9%. The government’s rising debt can thus be attributed to spending.

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— Michael R. Strain (@MichaelRStrain) September 30, 2024