You know what’s depressing? A graph of spending versus revenue, which is updated through 2009. The Heritage Foundation recently uploaded one of these graphs, and I’m happy to share it with you today.
- Revenues vs. Expenditures, 1965 – Present (Heritage Foundation)
The brief spike in revenue, of course, was the technology bubble. For a few years, President Clinton (yes, during Newt Gingrich’s reign as Speaker of the House) ran a budget surplus. As you can see, it was the first time in recent history. Spending increased quickly under the second President Bush, to where we are today. 2010, of course, is an estimate. the drop in revenue would be painful on its own without the high positive spending slope!
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