Greg Mankiw posted the latest CBO projections for federal outlays and revenues. Here it is.
Now here is a chart from Keith Hennessey that gives a good picture of historical spending and taxes:
Notice that the CBO report projects an increase in revenues well above historical norms. Do the increases come from tax increases or a robust economy? Either way, it’s a scary proposition.
When you look at the two charts, it would seem that we have had a consensus for some time in this country about how big government should be and how much it should take from its citizens. The CBO chart clearly shows that someone has changed the equation. I just don’t remember the debate about all of this.