A little fiscal math: The federal budget for the fiscal year that began Oct. 1 is $6.8 trillion. That leaves just over a quarter of federal spending: $1.9 trillion in so-called “discretionary spending” that Congress controls annually through its budget process. AdvertisementAnother perspective: Contrary to claims from Presidents Reagan, George W. Bush and Trump, tax cuts do not pay for themselves by spurring economic activity. Extending Trump’s first-term tax cuts, as he’s promised, would add about $4 trillion to the debt over 10 years. For a half-century, no matter which party held power, annual federal spending has been about 21% of the size of the nation’s economy, the gross domestic product.

Source: Los Angeles Times November 25, 2024 08:57 UTC