Alright lets go through the economics of your statements. (that really need further explanation to be really understood)
I can't speak for looking glass but I can give you my view of what needs to be done. To fix our current issues there will have to be a time of economic sturggle in which there will be high unemployment, businesses will fail and America will lose it's crown as the leading superpower of the world. Yet thanks to this economic struggle and due to deregulation and a much smaller federal government there will be opportunity everywhere which will result in another golden age for America. Yet the period required to remove the inefficiencies will be uncomfortable and will result in frustration. This frustration and cause and reasons why there is a recession will be misdirected and misinterpretted.
It can only happen one way through a real free market economy and smaller government. The result of this will be a higher standard of living for nearly all and greater overall freedom.
I'm okay with rising taxes to fight the deficit, only after the inefficiencies caused by our massive federal government are eliminated. See above reduction in govt size.
Yes more jobs due, but the question is what kind of jobs are created, structural or make work employment?