How did the federal budget become more terrifying than Rahm Emmanuel in a locker-room shower? It's not complicated. Since World War II, government revenues have averaged about 18 percent of Gross Domestic Product. Government expenditures, alas, have rarely kept close to that number (this year alone, it will be close to 26 percent of GDP). The result is as predictable and grisly as a curvaceous college co-ed entering the last house on the lane: red ink that threaten to drown us all.
This is the first of three episodes of 3D Fiscal House of Horrors from Reason.tv. To watch all the other episodes ("Night of the Living Debt" and "Attack of the Killer Compensation") and to check out a scary warning from former Sen. Mike Gravel (D-Alaska), go here.
Reason magazine subscribers have already received their special 3D issue of the magazine, which comes complete with 3D glasses and over a dozen ways of slashing government spending down to size! To get yours, go here.