|Romney Quote: http://www.mittromney.com/issues/tax|
Krugman Quote: Krugman's NYT Blog
Gosh, I wonder why the economy is underperforming?
Update: Actually, a bit of a longer perspective may be useful. Here’s the same number calculated directly from FRED, using rates of growth: Government current expenditures – GDP deflator (the right measure of inflation) – Growth in civilian noninstitutional population; I’ve left out the immediate post -WWII years because they would spread the scale so much that recent stuff becomes invisible:
So we haven’t seen spending cuts like this since the demobilization that followed the Korean War.