The liberal mindset remains fixated on increased spending coupled with increased taxation. Unfortunately uncontrolled growth in government spending tilted the scales toward financial insolvency years ago. Projected unfunded liabilities are expanding at a greater rate than GDP. The current and projected increase in government spending far out weighs any realistic increase in taxation. The deficit will continue to grow, the national debt will eventually become untenable, which eventually means there will be not be sufficient tax revenue to not only pay the interest on the national debt or maintain entitlements. So will austerity measures work in the US? Didn't in Greece. But heck lets go for a 80-90% tax rate and see this country grind to a halt. The exodus of wealth would be unimaginable. Then again you could just expropriate all the wealth and see what that brings you.