The trajectory of spending projections in each successive federal fall statement since 2019 tells an astonishing story of fiscal recklessness. The fall statement for 2019 – the last projections before COVID – put spending for 2024/25, the year we are now in, at $421 billion. The 2021 fall statement projected $465 billion for 2024/25. The 2022 fall statement projected $505 billion. The 2023 statement projected $522 billion. Now, the government tells us that spending in the current fiscal year will be $543 billion. In five years, the projections for 2024/25 rose by $123 billion.
Note: The Graph of the Week will be back on January 6th.
