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GOVERNMENT SPENDING Spending as a Share of the Economy
Source: CBO
17%
18%
19%
20%
21%
22%
23%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Path to Prosperity Current Path
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2
TOTAL SPENDING Spending as a Share of the Economy
%
5%
10%
15%
20%
25%
30%
35%
1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 2040
Historical Path to Prosperity Alternative Fiscal Scenario
Source: OMB/CBO
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A BALANCED BUDGET Federal Deficit/Surplus in 2024 (in Billions of Dollars)
-500
-450
-400
-350
-300
-250
-200
-150
-100
-50
0
50
President's Budget Path to Prosperity
Surplus $5 Billion
The President’s budget never
balances—ever.
Deficit $434 Billion
Source: CBO/OMB
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%
20%
40%
60%
80%
100%
120%
140%
160%
180%
200%
1940 1950 1960 1970 1980 1990 2000 2010 2020 2030 2040
WORLD WAR II
CURRENT PATH
PATH TO PROSPERITY
4
A CHOICE OF TWO FUTURES U.S. Debt Held by Public as a Share of the Economy
Source: OMB/CBO
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45%
49%
6%
1962 Non-Defense Defense Net Interest
75%
18%
6%
2013
DEFENSE SPENDING IS A DECLINING SHARE OF FEDERAL SPENDING
76%
9%
14%
2024 (Current Policy)
Ten years from now, defense will fall below 10 percent of the federal budget.
Source: OMB/CBO
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HIGHER RATES DON’T MEAN HIGHER REVENUE As a Share of the Economy
Source: OMB/Tax Foundation
%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010
Top Income Bracket Total Revenue as Percent of GDP Tax Revenue as Percent of GDP
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WHO OWNS OUR DEBT? Debt held by Public, 1970-2013
Source: Department of Treasury
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0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
200%
1941 1951 1961 1971 1981 1991 2001 2011 2021 2031 2041
WORLD WAR II
CURRENT PATH
CRUSHING BURDEN OF DEBT U.S. Debt Held by Public as a Share of the Economy
Source: OMB/CBO
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Medicaid & Other Health
Medicare
Social Security
Net Interest
0%
5%
10%
15%
20%
25%
30%
Revenues
WHAT DRIVES OUR DEBT? Government Spending as a Share of the Economy
Source: CBO
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Other Mandatory $467
Non-Defense Discretionary
$576
Defense $625
Social Security $808
Medicare $492
Medicaid $265
Interest $221 AUTOPILOT SPENDING
DISCRETIONARY SPENDING
Source: CBO
TOTAL SPENDING IN FY2013 = $3.45 TRILLION
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SPENDING IS THE PROBLEM Historical/Projected Spending & Revenue as a Share of the Economy
Source: OMB/CBO
10%
15%
20%
25%
30%
35%
40% Historical & Projected Spending
Historical & Projected Revenue
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FAMILY BUDGET VS. FEDERAL BUDGET Average annual growth of median income and government spending under
the President’s budget, 2014-2024
Source: WSJ economic forecasting survey, October 2011/OMB
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Family Budget Federal Budget
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