What level of defense spending does the US want to continue? What level of entitlements does it intend to fund?
These are hotly debated questions on the right and left. But here is the final arbiter for individuals and governments: we can afford what we are able and prepared to fund. This big picture on US tax receipts over the past 65 years confirms that tax receipts are near historically low levels today. And this data is before the next drop in revenue that will occur once the incoming recession takes a fresh bite out of GDP. Math must be faced by all sides.
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