National Debt Drivers
This is the latest In Fact. Click the left arrow for earlier ones.Cal Berkeley professor Robert Reich claims that “we would have a stable debt-to-GDP ratio” if “not for the regressive tax cuts under Bush and Trump.”
IN FACT, most “tax cuts” are actually “tax evens” that correct for bracket creep, which consumes an ever-growing share of people’s incomes over time. Thus, the portion of the U.S. economy consumed by federal taxes has been roughly level for 8 decades.
Meanwhile, the portion consumed by federal spending has grown from 3% in 1930 to 23% in 2023 — almost entirely due to social programs:
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