No one likes to pay taxes. No one wants to pay taxes. But America may be facing a financial Armageddon. The bond and private equity markets are signaling that U.S. government debt is frighteningly too large and has reached a “dangerous” level. How did we get here?

The general belief is that deficits are due exclusively to years of excessive, profligate government spending, not a lack of tax revenue. Second, it is commonly believed that Republicans are more fiscally responsible. Third, it is thought that tax cuts are good for the economy. (Who doesn’t like a tax cut?)

None of those are true.

First, federal government spending as a percentage of GDP, with the exception of periods of war, the Great Recession and COVID, has been generally steady since the 1970s with a slight downward trend. In 1981 it was 21.6% of GDP. In 2016 it was 20.8%. It has fluctuated from........

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