And it’s not even close.
It could be argued that the U.S. has a spending problem. Not just that, no one has any plans to fix it. Veronique de Rugy presents this chart of changes in outstanding debt and GDP projected a few decades into the future.
We see that even if spending is drastically reduced the U.S. still won’t be in great shape. GDP is not going to just jump 3% to 5% higher than what is estimated. Not over the long run anyway.
As always, these are projections, and are only the best guess of a bunch of folks who happen to be eternal optimists. More realistically, spending will not plummet to around 6% or 7% as seen in the chart and our problems will be even bigger.