Let me put it this way.. even if today.. the government froze everything. Wages, expenditures and every single cent at the current rates we would accure debt faster than we can pay it. Even if we only cut, gutted, and streamlined our budget it will grow.
I have steadily increased in what I pay the federal government, and right now am in month ten of an on going argument with over my disability retirement pay with the IRS. I am a full time student, acruing a fairly big debt with little option of getting a job here in Jax unless things change. (I got a line on a job but it's at least 9 months away before the contract starts)
Looking at the way I have to manage my budget.. when I've cut my expenses.. that leaves increasing payments to reduce my debt. For me that is paying out more interest on what few long term debts I have..and doing without, and occasionally asking family for a bit of help, and a LOT of praying that I do't get a surprise like this weekend where someone spiked my tired (and six other folks in my apartment complex).
So, unless you can show how else to come up with more money.. I would humbly offer that Stephen King is correct in that if we're not going to continue to defer our whopping debt to our children (and theirs in turn) that means less tax breaks for the upper earners. 'Trickle Down' doesn't work. It hasn't for the oh.. 30 years I've watched it get used. Ronnie Reagan increased capital gains and estate taxes..and the economy THRIVED under his leadership. Clinton kept most of those increase for the first part of his term..and the economy CONTINUED to grow.
Bush II cut all those nasty mean taxes..and a mere eight years we got cronyism, debt and influence peddling on a scale that depresses me so much I can watch the national news anymore. It's all about 'kill the Unions' or 'Cut education'. Wow..how incredibly short sighted to gut the infrastructure we need to change the labor market since it's now 'impossible' to deliver jobs back to the US in manufacturing since big business has looted, pillaged and electioneered things to reward them for outsourcing.
We need to increase taxes. Yes, even for people who make a TON of cash. (Horrors). Reform corporate tax codes to lower the MASSIVELY high levels at the upper range, while closing the loopholes that reward outsourcing, hiding cash overseas and all the other tricks. Or do you think it's fair for a company like GE to get tax CREDITS while making record profits and cutting something on the order of 20,000 US jobs in the last 3 years?
We are growing ever more reliant on talent pools in places like China, India and elsewhere. These economies are growing and developing, while we are not.