Writing today in The Hill, Institute founder & president Jonathan Bydlak discusses a major misconception in recent discussions of rising deficits. There’s been a lot of talk about tax policy, and many blame it for rising deficits, but the fact is, spending remains the problem. Recent reports make this very clear.
[I]f you’ve been reading popular news reports, what might be equally shocking is where the recent deficit is largely coming from.
Luckily, CBO breaks down the source of the deficit, dividing between reductions in revenue and increases in spending — and the comparison isn’t even close. It’s spending-driven all the way.
Total receipts are actually up by $9 billion, but spending is up by far more — to the tune of $103 billion. That nets out to an increase in the deficit of $94 billion.
Read the full piece here, and check out SpendingTracker.org to find out what your elected officials are doing to confront our spending problem.