Federal Debt: Too Little Revenue or Too Much Spending?

From the Federal Reserve Bank of St. Louis, The Federal Debt: Too Little Revenue or Too Much Spending? its worth a read:

“It is widely acknowledged that the United States has a potentially serious debt problem. In fact, some economists have argued that the country is facing bankruptcy because of huge unfunded liabilities stemming from Medicare and Social Security. This essay analyzes federal government revenues and expenditures over the past 60 years to determine whether the increase in the debt is the result of declining revenues, increased expenditures, or a combination of both.”

Guess what the cause of the debt is . . . ?

Full PDF after the jump

Source:
The Federal Debt: Too Little Revenue or Too Much Spending?
Kevin L. Kliesen, Economist Daniel L. Thornton, Vice President and Economic Adviser
Economic Synopses, 2011-No. 20
Federal Reserve Bank of St. Louis, 07-07 2011 
http://research.stlouisfed.org/publications/es/article/8856

The Federal Debt:Too Little Revenue or Too Much Spending?

Hat tip Invictus

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