With the election behind us, a huge win for President-elect Donald Trump, it is time to get serious about policy. One of Trump’s best campaign lines was: “Kamala broke it. Trump will fix it.” To be sure, the federal budget was out of whack already, but the Biden-Harris administration really broke it through massive increases in federal spending.

Time to fix it, but if Republicans go about this as they have in the past, they will surely fumble and fail.

The breakage in this case was massive, starting with the topline: The 2024 deficit came in at a whopping $1.9 trillion.

Revenues of $4.9 trillion represented about 17.2% of GDP, well above the average of 16.9% since the millennium. As usual, the culprit is too much spending. Excluding the pandemic years, average spending as a share of GDP over that same period was 20.2%. In 2024, spending hit 23.9% of GDP.

The bottom line is that 2024 spending exceeded by $1 trillion a year the amount that would have been spent following the modern average. With respect to Elon........

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