We have heard much “tough talk” through the years regarding reining in the regulatory excesses of government agencies in the past, but little action has followed those words. Perhaps we will finally see a genuine move away from excessive regulation.

There is one last indicator that I believe may be the most important of all. That is the “Index of Leading Economic Indicators” (LEI), which is a compendium of those economic indicators that point toward future growth, and LEI has just reached historic highs, far exceeding previous peaks in 1999 and 2006.

All in all, these spending proposals, combined with those already approved, could bring total spending for the current budget year to around $8 trillion—by far the highest level ever recorded in America’s history.