Personally I think there should be a combination of increasing taxes and cutting spending. If taxes are raised though they should be raised on everyone, including people who are currently paying nothing and the tax rate should be raised evenly accross the board. For example if taxes are raised by 3% than people who are paying 0% now should be paying 3% on all of their earnings. This will bring a lot more people contributing to the tax rolls. Finally there has to be a crackdown on businesses employing illegal immigrants because these people aren't paying taxes.
As for Medicaid/Medicare the system is broken and needs severe cuts. My wife is a doctor working in an area that sees a lot of medicaid patients and compared to Canada it pays for items that not even the healthcare system in Canada pays for. They need to start cutting some of the items that are covered and cracking down on the abuse of the system.
As for social security its just going to get worse with an aging population.
I'm even at a point where I personally think the US needs to start looking out for themselves and should probably start pulling people out of Iraq and Afganastan which would help in accomplishing some additional cuts to the military. It's time that these countries stand on their own two feet.
Obamacare does need to be on the table as well as some of the other departments as well.
Just my two cents though.
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