Tim Worstall

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Blimey

February 27th, 2009 · 2 Comments

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.

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Tags: Your Tax Money At Work

2 responses so far ↓

  • 1 Matthew // Feb 27, 2009 at 4:33 pm

    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.

  • 2 Gareth // Feb 27, 2009 at 5:43 pm

    We’ve been enjoying the solution to a Great Depression for the last decade.

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