Neotrotsky
Council to Supreme Soviet
Of course, some who think "we only need to tax the rich" will not work either:
Three Little Pigs: How Entitlements Will Destroy Us
Our national debt recently topped the $13 trillion mark. That amounts to nearly 90% of this country's GDP; $72,000 in debt for every household in America
Now add Medicaid, Medicare and Social Security, and Obama's 2011 budget has a $1.27 trillion deficit. It's the entitlements, stupid.
Nor can you tax your way out of debt. Eliminate all of the Bush tax cuts, including the tax cuts for low- and middle-income Americans, and you would reduce the debt by perhaps 10% — assuming you didn't cripple the economy in the process. Tax the rich? That won't get you there either. In fact, according to the Congressional Budget Office, in order to pay for all currently scheduled federal spending would require raising both the corporate tax rate and top income tax rate from their current 35% to 88%, the current 25% tax rate for middle-income workers to 63%, and the 10% tax bracket for low-income workers to 25%
There is simply no way to control our debt without getting serious about reforming entitlements.
In the long run, correcting the tax system to reward investment and savings
would help and be part of the answer.
However, I do believe we have reached a critical mass in gov't spending. Where the best the Republicans can do is "hold the line" on the extreme spending which has failed so far.
Indeed, the spending party is over; we have a spending problem more than a tax problem.
Until the next election cycle, there is little the voters should expect and hope that we just keep the spending in check.
The gov't with spending is like a drug addict - it needs an "intervention"
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