The size of the national debt has become a preoccupation across the political spectrum. Democrats have complained about the $3.4 trillion increase in the debt projected to result from President Donald Trump’s tax cut. This represents 10% of the projected gross domestic product for 2035. Republicans also scream about the debt, even as they pass tax cuts to make it larger at every opportunity.

Let’s be clear: The bulk of the current deficit is the result of reduced tax revenue, not legislated increases in spending. Tax revenue peaked at 20% of GDP in 2000. For those who don’t remember, the economy was booming that year, with a 4% unemployment rate and 4.1% GDP growth. The latest projections, following the passage of Trump’s tax cuts, show that tax revenue will be just over 16% of GDP next y

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