US deficit shrinking at fastest rate since World War II

[Mr Puggsly]

trunkswd said:

Mr Puggsly said:

trunkswd said:

If that doesn't adjust for inflation $43,000 in 1970 would be $238,000 in 2010. Alot more than the $149,000 that was spent in 2010. Not saying you are wrong. The US government needs to trim in many different areas, though the Military probably needs it the most. The US spends almost as much on its military as th rest of the world COMBINED.

Agreed. There needs to be cuts all around.

Just cutting the military budget likely won't solve the problem.

The tax loop holes also need to be closed. I also think going back to the Clinton tax rate for the upper class would help out the deficit quite a bit. I don't have any numbers on that though. Also going to the tax rate of like WWII and the 50's for the upper class is a little extreme. It was at like 90% at that time. Also money made from money markets over a certain amount (say more than $100,000?) should have the same tax rate as everything else.

Perhaps we should start with cutting wasteful spending.

No point in raising taxes to throw more money into a wasteful system.