Increase tax will not help
The federal government projects $2.567 trillion in revenue next year. It has $2.4 trillion in mandatory spending -- primarily Social Security, Medicare, Medicaid and interest payments on the debt.
David Walker, the president and CEO of the Peter G. Peterson Foundation, and the former comptroller general of the United States, "People need to understand, the hole that we are in is so deep, that you can't grow your way out, you can't tax your way out, you can't cut your way out, individually."
Re: Increase tax will not help
That`s right Wehav, if one goes back to 1988, 18.4% of GDP was the maximum percent of blood that could be squeezed out of a turnip. Yes, even during the alleged "tech boom/bubble" years of BJ Clinton with his 39% tax rate. The liberal says "Why do you care, you don`t make $250,000, raise taxes!!!" See they aren`t listening 18.4% of GDP is it, with only half of the people paying fed income taxes, there is a point where the high earners give up and not send everthing to the gov`t. I think our mess is hopeless, we waited til there is a crisis to act, it`s like fixing the barndoor when the cows are laying belly up in a cornfield on the other side of the county. To do the required cuts, there would be a riot that would make the Egypt protests look like a Sunday school picnic, danged spoiled brats. In `08 was our probably last chance to elect a leader that could sell the country on a unity message "Ask not what your country can do for you but rather..." Instead we elected the Jerk-off behind curtain 2...whaa whaaa whaaaa.