Ever think the problem in Washington, D.C. is politicians aren’t taking enough of your money? Look at this chart from the Tax Foundation:
As a percent of GDP, the government is collecting taxes at a rate WAY ABOVE the historic norm.
How does that compare to spending? In addition to our huge over $31 trillion debt, the government is spending at a rate way above the historic norm. According to the CBO, government outlays totaled 25.1% of GDP in 2022 compared to the pre-COVID norm of 20.1%.
Biden’s absurd and debunked claims that his policies have “cut the federal debt” don’t change the facts. Washington, D.C. has a spending problem. The only revenue problem it has is that taxes are too darn high.
