So, should our deficit today be considered a spending problem or a taxation problem? Kevin Drum argued yesterday it is a tax problem, and used a historic chart of spending as a percent of GDP to make his point.
I have to thank him. I would have normally been skeptical of such an analysis yielding much that was useful, but I was forced to do the analysis to correct some obvious data errors in Drum's chart. Having done so, I found the exercise useful and it became the basis for my column this week at Forbes. The short answer, its a spending problem. For more, hit the link.