Steve Moore’s new book Govzilla: How the Relentless Growth of Government Is Devouring Our Economy – And Our Freedom has hit the bookshelves and Amazon. Thanks to all the Hotline readers who participated in our poll to select the book cover.
We don’t want to spoil the ending, but among the key findings, if the Biden Build Back Better bill is enacted, on top of the $3 trillion in spending already authorized this past year:
- Federal government spending will rise much faster than the private economy and will exceed 50% of GDP by 2049.
- The debt to GDP ratio catapults from 105% today to above 300% of GDP by 2049. These are debt burdens that are associated with bankrupt nations like Argentina, Venezuala, and Zimbabwe.
- Paying for all this added spending would require tax rates for EVERYONE – not just the rich – of 50%.