The path of government spending

Matt Yglesias posts this chart, which I am happy to endorse, alternative scaling here, and related material from Veronique de Rugy here.

The real problem comes about ten years out, due to aging. It’s still the case that, when it comes to fiscal issues, turning on a dime can be very difficult.  In the meantime, it may appear, at times, that not much is happening, but these will be a very critical ten years.