The chart is from an analysis from Mary Meeker at Kleiner Perkins, a major venture capital firm, about federal government spending and revenue (PDF).
The US cannot grow its way out of this problem. It needs to cut spending, specifically entitlement spending. We hereby announce that we’ll give a special gold star to the first “leader” with the guts to say that publicly.
Currently, spending cuts are an issue owned mostly by the right. That needs to change. The left needs to stop resisting, pretending everything is fine, and this it’s all just partisan attacks from the right. Sure, that’s part of it. But the spending issues are quite real. Just look at the chart.
A friend once remarked that most Marxists never got past Econ 101. That’s true for much of the left, which too often seems disinterested in economics, balancing budgets, and just sort of assumes the money will always be there. Well, it isn’t.
Underlying all this is growing populist anger at thieving elites and an over-spending government. The socialist Left is suspicious of populism because it just doesn’t follow the dogma laid down by St. Karl of Marx. Therefore, they conclude, populists must be suspect. Truly, this is one of the more numbskull notions on the left. Liberals tend to be wed to big government, either by working for it or via NGOs, non-profits, lobbying, etc. and also by a belief that big government is somehow always beneficial, a notion that seems increasingly quaint.
Our level of spending is not sustainable or even sane. It must change. The left needs to be part of the process.