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Editor's Note: The chart and brief excerpt below are from today's Early Look which was written by Hedgeye Director of Research Daryl Jones. Click here if you'd like to get a step or two ahead of consensus.

CHART OF THE DAY: The Consummate U.S. Growth Industry - zz ben cod 09.29.15 Chart

...In the bubble that is Washington, no one seemed to notice the beat down that the stock market was taking yesterday.  In part, this makes sense since the federal government is a growth industry, and in most years appears to have no real correlation to the real economy or stock market.  In fact, since 1950 federal government outlays have declined on a year-over-year basis in only 5 of those 65 years. Over the entire period, as we’ve highlighted in today's Chart of the Day below, spending is up an astounding 87x.

 

At annual outlays of more than $3.5 trillion, an annual deficit of close to $500 billion, and outstanding debt of more than $18 trillion, it is pretty clear that the federal government eats while we are sleeping.  And then eats some more.  And more.