Washington has once again rescued the citizenry from another disaster of its own design. Yes. At the eleventh hour, we avoided going over the fiscal cliff. What nonsense. And, alas, not even good nonsense.
With the relative size of government spending surging – something that started under George W. Bush’s presidency – President Obama took the country over the only cliff that matters – the government spending cliff.
For a change, let’s consider a few fiscal facts. The accompanying chart traces the evolution of federal government expenditures, as a percent of GDP since 1952. Based on the data, from 1952 until 2008 – when President Obama was first elected – we would expect, with an assurance of 95% that the size of federal government, as a percent of GDP, would fall in a range of 16.5% to 23.4% (see the accompanying chart).
Read more at http://www.cato.org/blog/its-spending-cliff-stupid
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