Kevin Drum had a post the other day showing the percentage of the nation's GDP devoted to the federal government. It's roughly 21 percent from 1980 to now. Kevin argues that shows the various tax cuts delivered by Republican presidents (Reagan, GWB, TFG) are responsible for our deficits: because spending has remained level(ish) the deficit must be on the tax side.
I don't find that argument conclusive. I think a more realistic picture is that spending and taxing both wiggle over the years: sometimes up and sometimes down, but consistently the public and its political leaders are comfortable with a regular deficit.
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