Here’s an eye-opening chart from our friend Chris Edwards at Cato.
Taxes in real dollars and as a share of GDP are close to being higher now than at any time in history. Defense spending is historically low while non-defense spending has exploded to 18.6% of GDP, up from 12.6.% in 2000. There’s your culprit. Biden’s budget calls for $500 billion more in 2025.