Taxed Enough: Numbers Show Spending, Not Lack of Tax Revenue Cause of Deficit

Posted: Dec 05, 2011 9:20 AM

The Heritage Foundation has released a new chart showing once again that runaway government spending is fueling the federal deficit, not inadequate tax revenue. Regardless of the numbers, President Obama continues to call on the rich to "pay their fair share," when it's time to for the government to stop spending more than their share.

This week’s chart shows how spending will skyrocket beyond its historical average of 20.3 percent of the U.S. economy, reaching 26.4 percent by 2021. Revenue, meanwhile, will surpass its historical average of 18 percent of GDP in the same year, according to Heritage Foundation calculations based on CBO data.


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