“The economic reality is that, over time, the government’s current fiscal course looks unsustainable. National debt is rising because of a persistent pattern of spending that grows faster than revenue…”
Exactly! Which is one reason why it makes no sense to raise taxes now to try and increase revenue. Those in power have no concept of ‘living within the means’ of this country. Not to mention that raising taxes is a short term increase in revenue.
“…To people who generally see government programs as useful and worth keeping if possible, the optimal fix might include new tax revenue. To people who think government is too large, the desired fix would focus squarely on spending cuts.
“It really does come down to an argement about the size of government,” Mr. Williams says…”
Yes, and it’s too large now!
“…Douglas Holtz-Eakin, an economist who served as an adviser to John McCain’s presidential campaign in 2008, told a recent congressional hearing that he is “deeply concerned” about the risk of creeping tax hikes every time the federal budget problems prove hard to solve.
“The problem goes away for a little while,” he said. “You go a couple more years. You bounce taxes up again. Pretty soon, … that takes you to 30 and 40 percent of GDP, and you will – not to be a crazy supply-sider – you will kill the economy.”…”