For example, in 1928, at the peak of the Roaring 20s, US money supply (M2) was $46.4 billion. That same year, the US government took in $3.9 billion in tax revenue.
So in 1928, tax revenue was 8.4% of the money supply.
In contrast, at the height of World War II in 1944, US tax revenue had increased to $42.4 billion. But money supply had also grown substantially, to $106.8 billion.
So in 1944, tax revenue was 39.74% of money supply.
1 comment:
I don't get it. The second chart is stretched out to make it look flat, but the first shows a sucking sound. Still way higher than before 1940, the only thing I deduce from this chart is that the GOV needs to STOP SPENDING MONEY.
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