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IBD | Federal Spending Up 78% After Inflation Since 1998





President Obama says he wants a "balanced" approach to the fiscal cliff. But  critics argue the real problem is spending, which has far outstripped rising tax  revenue as well as economic growth.

Federal government revenue rose from $1.7 trillion to $2.4 trillion from  fiscal 1998 to 2012, slightly exceeding inflation. Revenue growth averaged 2.9%  annually, despite two recessions, bear markets — and tax cuts.

But federal spending rose nearly twice as fast — 5.7% per year — surging from  $1.6 trillion to $3.5 trillion over that same span.

The spending spike also exceeds growth in the population.

More.



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