Line 4 of Atlantic City local government budget of 1978 with its first new casino: “Total General Appropriations: $37.3 million. Same line item in 2014: “$262.1 million”. Please check my math. I get a 600% increase over 36 years, or 17% per year. Atlantic City government has spending and debt problem–not revenue problem. If taxpayers now earning so much less, they can’t afford government that keeps spending so much more. What happens to America happens to Atlantic City first. www.libertyandprosperity.org.
The yearly increase is actually about 6%. Money doubles every 12 years at 7%.(law of 72) 37.4 would be 74.8 after 12 years. 149.6 after 24 years and just under 300 million on 36 years. Your number is correct if it is not compounded. But speaking in monetary terms, money is always compounded.