Looking at the Monthly Treasury Statement for June, it is clear that the U.S. budget deficit for the year to September 2026 will again be above $2 trillion, once again over 6% of Gross Domestic Product. The fault is mostly on the revenue side, where last July’s Big Beautiful Bill gave away some $150 billion […]

Simon Kuznets, the Nobel Prize-winning inventor of Gross National Product/Gross Domestic Product statistics, worked for the public sector for the greater part of his career. It is therefore not surprising that government output is included in GDP at its full cost, however useless or indeed damaging the activity undertaken by the bureaucrats concerned. Conversely, Kuznets […]