The Congressional Budget Office has just released their annual “Long Term Budget Outlook” which shows the path of taxes, spending, and debt over the next thirty years.

As usual, it’s a very depressing document. There’s already good write ups on it in the Wall Street Journal, as well as by Dan Mitchell of the Cato Institute and Veronique de Rugy at the Mercatus Center. Try not to read them too close to the nearest skyscraper window.

I wanted to drill down specifically on the tax section here. What’s amazing is that even as the annual deficits and debt grow over the years, taxes are going up at the same time. Do the math, and that means that rate of spending growth is so fast that it both overwhelms steadily growing revenues and contributes to higher deficits and mounting debt. We have an over-spending problem, not an under-taxing problem.

Read the full article at Forbes.com: New CBO Report Shows Higher Taxes Amidst Nightmare Debt