So they bump that to 18.1 and federal spending is going to be about 23.4, 23.5%. So that deficit spending, where does that money come from? We borrow it or we print it. Okay. State and local governments back then spent 9.1% [of GDP]. So that was pretty much the vision of our founding fathers, a limited federal government, you know, within the constraints of the enumerated powers and most governing at the point … (07:00–07:05)
CLAIM
Asserts that in 1930, state and local governments spent 9.1% of GDP.
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