REVENUE REVERSAL

Despite nominal GDP growth of $4.9 trillion since 2022, there has been minimal growth in government revenues. Had the government simply allowed the revenue base to rise with nominal GDP, the deficit would be $860 billion or 37% lower than it will be in FY25. It was Biden’s debt forgiveness and IRA and CHIPS bills subsidies. Now Trump wants to give us unaffordable tax cuts. We need fiscal leadership.