Fiscal Responsibility

The chart presents Federal Outlays and Revenues since 1940. I looked up this chart when I found that the President's budget proposes a deficit of $1.75 trillion. Not to put too fine a touch on the number but the first time the federal government had revenues of $1.75 trillion was a bit more than 10 years ago. By any measure achieving a deficit equal to spending about a decade ago suggests that the federal budget is out of control.

Getting the deficit reduced by 50% by the end of the first term will require either some very large reductions in spending or an almost doubling of tax rates on the top 2% of taxpayers. The first seems unrealistic. The second seems destructive of incentives.