Over the past 50 years, federal revenues have averaged 17.3% of Gross Domestic Product (GDP). In 2023, federal revenues amounted to $4.4 trillion or 16.5% of GDP, a large drop from the 19.4% of GDP recorded in 2022. The Congressional Budget Office (CBO) projects a rebound and steady growth in revenues reaching 18.8% of GDP by 2054. The plan outlined here would increase revenues to 19.7% of GDP by 2054 through the following proposals.

Over the past 50 years federal spending has averaged 21% of GDP. In 2023, federal spending declined from the huge spending surge that occurred in 2020-2021 to $6.1 trillion or 22.7% of GDP, down by 7% of GDP from those earlier years but still well above the historical average. Driven by entitlement and net interest spending growing faster than the economy, CBO projects federal spending will become an increasing burden on the economy, reaching 27.3% of GDP by 2054.