What's hurting the U.S. economy is total government spending. The deficit is an indicator that the government is spending so much money that it can't even get around to stealing all of the money that it wants to spend. But the tip of the iceberg is not what hit the Titanic - it was the 90 percent of the iceberg under water.

Grover Norquist’s quote critiques the level of government spending in the United States, suggesting that it is the primary factor contributing to the nation's economic problems. He argues that the deficit, or the gap between government revenue and spending, is a clear indicator that the government is spending beyond its means. Norquist is highlighting the idea that the government’s overspending is so excessive that it cannot even fully capture the money it desires to spend, likening the situation to a ship that is sinking under the weight of its own financial mismanagement.

The reference to the iceberg in the quote draws an analogy to the famous sinking of the Titanic, where the actual damage to the ship was caused by the submerged part of the iceberg, not what was visible above water. Norquist uses this metaphor to suggest that the true danger of excessive government spending is not immediately apparent. While the deficit is a visible sign of financial distress, the far greater issue lies beneath the surface, in the unsustainable and hidden nature of long-term government fiscal policies, such as unfunded entitlements or future debt obligations.

Norquist, a prominent conservative advocate, is known for his strong stance on reducing government size and influence, and his quote reflects his broader ideological belief that government should be smaller and more fiscally responsible. He argues that the government’s uncontrolled spending could eventually lead to economic collapse or undermine the principles of individual freedom and free markets that he believes are central to American prosperity.

In essence, the quote reflects Norquist’s critique of government overreach and his belief that the key issue facing the U.S. economy is the ever-growing burden of government spending. He warns that the visible deficit is just the beginning of a much larger problem, and that the true financial dangers lie in the unseen, long-term consequences of unchecked government expenditures.