The myth of runaway spending.
Many of you have probably already seen the chart I posted below, but I it's worth another look particularly in light of Mitt Romney's recent comments on "fiscal responsibility."
|"The mission to restore America begins with getting our fiscal house in order. President Obama has put our nation on an unsustainable course. Spending is out of control. Yearly deficits are massive. And unless we curb Washington’s appetite for spending, the national debt will grow to the size of our entire economy this year."|
The chart shows that spending is clearly not out of control. In fact, it is lower now as a percent of GDP than when Ronald Reagan was in office. By the way, the Republicans had no problem with Reagan's "out of control" spending.
Look at how government spending collapsed under Clinton. We still haven't recovered from that. And the Clinton surpluses are considered to be so virtuous. It was totally the opposite.