$5 Trillion Price Tag for Public Pensions~ When is enough enough?

[mrstickball]

the2real4mafol said:

mrstickball said:

Wh1pL4shL1ve_007 said:
Tax cuts was what bought USA to deficit. Obama can do whatever the hell he wants to dig USA out. Be it tax rise.

Not quite true.

Federal tax revenue is at about 16% of GDP - down from a 50 year average of about 18.5%. Spending is at 26% of GDP - up from an average of about 19% of GDP.

Tell me, which one do you think causes more deficits? Revenues being down 2.5% from their historical average, or spending being up 7% from historical averages?

It's a clear a combination of tax cuts and higher spending, proved disastrous for the debt in the US, higher taxes and lower spending (eg army) are needed

I don't disagree that taxes need to be more in-line with historical norms. But lets face the fact: You're going to have to cut a lot more government than you raise in taxes...To the tune of 3:1 or even 4:1.

That's why I want a fair tax / flat tax with no loopholes. Set a target revenue of 17-18% of GDP, and then cut government to meet that target.