| Aielyn said: Verbose garbage about US vs. Australia economy. |
The US is spending more than it generates. It's really quite simple.
1996 Deficit - $188,335,000,000
2012 Deficit - $1,224,790,000,000
----------------------------------------------------
1996 Spending - $1,560,500,000,000
2012 Spending - $3,795,500,000,000
------------------------------------------------------------
1996 Revenue - $1,453,100,000,000
2012 Revenue - $2,468,600,000,000
In summary, 10 fold increase in deficit as a result of 2.5 fold increase in Spending despite generating 170% the revenue of 1996.
Spending is the problem, not tax. Not sure if that's what you're advocating, but it sure seems like it. Maybe you're just offering a solution i.e. increase taxes and curb spending? The balanced approach?
It simply isn't possible to increase taxes enough to offset expenditures, but it would provide some help.
