We need to go back only ten years, to fiscal year 1999, to reach a time when the government’s total outlays were smaller than this year’s deficit.

2 thoughts on “Blimey”

  1. Is that inflation-adjusted?

    The other thing about the US Federal Deficit, which has always been true but is now very obvious, is that because US Fed spending is a much smaller % of GDP than in most of Europe, the deficit is always a much larger proportion of overall income. I think this year revenue is not much more than 50% of expenditure.

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