Those who value the free and prosperous society must continue to articulate the case for the limited government, free market system, even if it seems sometimes that few are listening.
It is very difficult to be a classical liberal or libertarian and not experience bouts of disappointment, frustration, and outright pessimism. The world around us seems to be going to hell in a hand basket. Government continues to grow and, apparently, is out of control.
For example, the Congressional Budget Office (CBO) released its semiannual Budget and Economic Outlook, 2022-2032 in late May 2022. The CBO expects that when the federal government’s current fiscal year ends on September 30, 2022, Uncle Sam will have spent $5.874 trillion. Tax revenues from all sources will be $4.890 trillion, leaving a budget deficit for the fiscal year of $1.036 trillion. Total national debt held by the public will come in at $24.173 trillion, while the gross national debt (which includes Treasury securities held by other government agencies) will be more than $30.621 trillion.
Gross Domestic Product (GDP) is expected to equal $24.694 trillion in 2022. So, this means that federal spending will 23.8 percent of GDP, while taxes will absorb 19.6 percent of GDP. The more than $1 trillion deficit will amount to 4.2 percent of GDP.
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