Structural Changes in US. Fiscal Policy
Federal spending has consistently outpaced federal revenues since the 1970s. Although the opposite is true for the sum of state and local budget, the total national debt (both nominal and inflation adjusted) has mushroomed over the last 25 years.
Suggested citation: “Structural Changes in US. Fiscal Policy,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-02, pp. 13-14, 02.01.1997.