“There is no more persistent and influential faith in the world today than the faith in government spending,” wrote economist Henry Hazlitt in 1946. If that was the case then, what about today? Nearly every problem in the world calls for the government to solve it. In return for these services, the government needs money—a lot of money.
The federal government of the United States alone is on track to spend $3.65 trillion in the fiscal year of 2017, or 21.5 percent of gross domestic product.
