Federal Spending Soars Above Avg. Incomeby Tim Manni
That means higher taxes down the road. The chart below (hat tip: Fundmastery) illustrates the difference between Federal spending and the average household income. While Federal spending increased 221% since 1970, the median income increased only 32%:
In case anyone wonders why this is important, just look at the chart again and consider what this will look like in 10 years. If government spending continues growing far faster than household incomes, then government taxes will have to consume an increasing percentage of those incomes. Yikes.