You are ignoring one whole side of the ledger and US history. The US never really had a debt to GDP ratio that was bad until, the era of Reaganomics where tax rates were cut drastically for the wealthy and spending was increased drastically. Except for a brief period in the 90's we have continued the policy of Reaganomics.
As noted, it took 30 years of too small tax rates for the rich and too much spending. It will take 30 years of the opposite to fix the problem.
they are spending too much.
This problem cannot be fixed through tax increases alone, They must cut spending, real cuts, not reductions in planned increases.
Our real spending problems started in 1968, When both side figured out they could steal from SS and not have to pay it back.
I am not talking about the bonds, but the surplus SS receipts, which about $3T
No one has suggested the problem can be fixed through tax increases alone. We need to cut our wasteful military spending. We can no longer afford to spend as mush as the rest of the world combined on the military. I do agree that SS needs to be paid back the $3 trillion dollars it is owed, increase the cap to make it self-sufficient for the long term and lock those funds from general fund use.
I think we should do an across the board cut.
Our Federal Government spending is out of control, and needs a big correction.
As to the $3 T, it is not owed to SS, it is just gone.
The surplus receipts were used to offset the deficits.
Every time taxes have been cut, (especially Capital Gains) revenue to the Treasury has increased. Even Charlie Gibson made this point during an interview with Obama
I like Levin's idea. The Republicans should write up legislation right now that cut taxes for the middle class, and leaves tax rates where they are at for the top 2%
Then they can hand the legislation over to Harry Reid and go take a vacation. Let the Collectivists/Socialists figure it out
Spending as a % of GDP has increased more than 35% since 2010
Obama is spending 5.60$ for every real dollar of wealth/GDP created in the private economy
Obama is borrowing 46 cents for every dollar he spends
Clinton's budgets = around 1.5T per year. Obama's is 3.8T PER YEAR
Obama is running yearly trillion dollar deficits going on 5 years in a row
We have a spending problem. Not a tax problem.