One of the facts about our federal budget is that federal revenues have remained pretty consistent at about 18% of GDP. I didn't realize exactly how consistent that was!
Pretty much, revenue as a percentage of GDP hasn't changed since 1950. Yet today we face some pretty serious budgetary challenges. So what changed?
Back in the 1950s, we fought global communism and won. We sent men to the moon, and brought 'em back, too! We built a national highway system. We were able to be a real force for good in the world.
Today, military spending is the lowest it has been ever!
Now a reasonable discussion of spending priorities ought to leave many options open. But one thing that should be crystal clear is that those options are being limited by our fantastic growth in social spending.