Chart of the day: It's the spending, stupid

Think going back to the tax rates of the Clinton era are a good idea? How about going back to Clinton-era spending levels?

Since 1998, government spending has increased a whopping 78%:

Via IBD:

Federal government revenue rose from $1.7 trillion to $2.4 trillion from fiscal 1998 to 2012, slightly exceeding inflation. Revenue growth averaged 2.9% annually, despite two recessions, bear markets — and tax cuts.

But federal spending rose nearly twice as fast — 5.7% per year — surging from $1.6 trillion to $3.5 trillion over that same span.