After WWII, from 1947-1974, receipts averaged 17.4% of GDP while outlays averaged 17.8% of GDP. Then, from 1975-2008, receipts averaged 18.2% of GDP while outlays averaged 20.9% of GDP. Under the Obama Administration, from 2009-2012, receipts have dropped to an average of 15.4% of GDP, while outlays have risen to an average of 24.4% of GDP (OMB Table 1.2). It seems we have become tolerant of deficit spending. Now our debt is $16.4 TRILLION and climbing.
We the People petition the federal government to budget receipts at no less than 20% of GDP and outlays at no more than 20% of GDP. It's time to restore sound fiscal stewardship of our tax dollars! Lets foster tax policies that are stable and predictable, that sustain economic growth, and that don't favor one group over another.