January 24, 2013

WALTER RUSSELL MEAD: Why America Is Going Broke. “A new paper by Daniel Thornton, an economist at the Federal Reserve Bank of St. Louis, contains some useful graphs on the causes of our debt crisis. The first graph below illustrates the rise of spending relative to government revenue; the second shows that the lion’s share of increased spending has been on social services, Medicare and Medicaid in particular.”

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