Chart of the day

Tino Sanandaji pretty much puts to the sword the notion that current deficits are more attributable to insufficient revenue than excessive spending. A few highlights from Tino's post:

• Tax revenue during both Reagan terms was virtually identical with the Carter years, even though Reagan cut tax rates dramatically.

• Revenues during the second Clinton term, the highest of the post-war periods, was 19.9%, only a little higher than the 19.0% level Paul Ryan has suggested (which liberals claim is far too little).

• President Obama has increased spending to levels never witnessed in American post-war history.

I would only add that it is remarkable how relatively stable revenue has proven to be as a percentage of GDP. Also, never forget that candidate Obama promised to implement a net spending cut.