ziggy29
Moderator Emeritus
Bottom line is that we can't keep cutting taxes and increasing spending. I think when tax rates are too high, tax cuts can actually increase revenue by encouraging more economic activity which more than offsets the lower rates. I'm just no longer convinced we are on the "taxes too high" side of the Laffer Curve. I thought we were for the Reagan tax cuts (as we were for the JFK tax cuts). But not now.
I don't think we can realistically balance budgets without both tax hikes *and* spending cuts. Unfortunately it seems like each side is keeping too many things that have to happen "off the table" and thus no deal can get done.
[As an aside: It's simply mind-boggling and an economic atrocity that spending and deficits were rising so rapidly during significant economic expansions. That is the time to retire the debt you incurred in the last recession, not assume more of it.]
I don't think we can realistically balance budgets without both tax hikes *and* spending cuts. Unfortunately it seems like each side is keeping too many things that have to happen "off the table" and thus no deal can get done.
[As an aside: It's simply mind-boggling and an economic atrocity that spending and deficits were rising so rapidly during significant economic expansions. That is the time to retire the debt you incurred in the last recession, not assume more of it.]