U.S. Spends Too Much, Taxes Too Little. Neither Candidate Has Offered a Real Solution WASHINGTON - American conservatives say the country's fiscal crisis is caused by too much government spending; liberals say it's caused by too little revenue. Both are right. Federal outlays this year are estimated to be about 24 percent of the gross domestic product; this is the highest since World War II levels. Federal tax receipts for the fiscal year are expected to be about 15 percent of G.D.P. This is about the same as the previous three years - the lowest level since 1950. From 1980 to 2000, federal outlays averaged about 21.5 percent and receipts about 18.5 percent of G.D.P. The gap, or the budget shortfall, averaged around 3 percent of G.D.P., or one third the current level. The clear, though oft-rejected explanation, is the American government is overspending and undertaxing. How about compared to the rest of the world? America again is under taxed. In 2010, according to the Organization for Economic Co-Operation and Development, tax revenues were a little less than a quarter of GDP. Some of those higher-tax countries - in Europe, for example - are doing worse than the U.S. economy. But one of the very highest-taxed countries, Sweden, where taxes equal about 45 percent of G.D.P., expects a 3 percent growth rate this year, a 7.5 percent average unemployment rate (lower than the United States), and a balanced budget. In my latest Page Two column I explain that If Mr. Obama and Mr. Romney believe this is a big-stakes election, they should show it by presenting a specific budget/tax deficit-reduction plan so Americans can compare and contrast and discuss and debate before they vote. Do you think there is any chance that could happen?