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Just in case there was any doubt that excessive spending is the federal government’s real problem in running up the national debt, former vice-presidential candidate Paul Ryan tweeted the following graphic projections:
The revenue projections for President Obama’s desired higher tax rates on top income earners look pretty optimistic, so there should be a lot more red on the chart. Plus, the OMB/CBO/HBC data used to create the chart would also seem to assume that there will be no more recessions in the future, so there should be a lot more red on the chart. The reasons why are discussed at longer length here….