The 2012 Federal Budget
Posted By Barry Ritholtz On January 16, 2013 @ 12:00 pm In Digital Media,Politics,Taxes and Policy | Comments Disabled
If you want to see a good visualization of the annual deficit, have a look at the chart below:
-Government spending: The left bar shows that, relative to our tax base, we spend too much.
-Financing: The right bar shows that relative to our spending, we tax too little.
The graph at right shows that the Great Recession caused outlays to fall, but revenues to fall even more:
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Source: J.P. Morgan
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