“How can government expand 300+% while the underlying economy that supports it expanded by 75%? Answer: borrowing money, i.e. debt–lots of it. Federal debt has skyrocketed by 600% since 1990. This is simply part of a vast, unprecedented expansion of debt in both public and private sectors since 1990. So the question of Peak Government is ultimately a question of Peak Debt: how much money can the government borrow to sustain its current spending? Can public and private debt expand at rates four or five times that of the underlying economy? If so, for how long? If we are not yet at Peak Debt, we are getting close, and that means we are also getting close to Peak Government.”
http://charleshughsmith.blogspot.com/2013/10/have-we-reached-peak-government.html
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