Another excellent video from Professor Antony Davies discussing what would have to be removed from government spending in order to fund our government for one year using our current tax receipts. The video provides a startling look at just how obscene our spending problem has grown, yet understates the problem in that cutting spending from the areas described would actually shrink the economy (and subsequently shrink tax receipts) meaning the government would have to cut spending even further. Something to think about when you hear our politicians discuss their harsh budget "sacrifices" in the coming years (which will never actually come close to materializing until our country reaches the Greece moment and enters into a sovereign debt crisis). Of course, at that point it will far too late.
