Monday, April 25, 2016

Grow, Cut, Print or Default - Update to 2010

In this post from October of 2010, I said that the US Government would avoid default and, therefore, would grow, cut and print its way to fiscal balance.

I noted that "US Expenditures in 2010 were $1,290 Billion more than receipts, which were estimated at $2,318 Billion. That means that we spent $3,608 Billion. We spent 55% more than we took in."

Today,  Ryan McMaken notes that we've raised record revenues for the federal government in 2015 at approximately $3,200 Billion.  Up 38% from the depths of the recession. Amazingly, spending has been more or less flat at $3,600 Billion - not an actual cut, but about the best that can often be hoped for.  Now we spend only 12% more than we take in.  All in more or less constant dollars.
Accurate Reality:  We've still a bit to go, but Grow, Print and Cut has worked to get the government out of the woods for now.

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