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Originally Posted by Calgaryborn
I don't think you can count the Bush tax cuts as they are already set to expire. They should be already counted. As for the wind down in of the wars am not sure they will amount to that much savings unless the army is downsized by quite a bit.
Everybody knows that Social Security and Medicare needs to be fixed if they are going to continue into the future. This seems like a perfect time and excuse to address these issues.
I would think that the government should look at cutting 400 billion out of existing programs this year with the view of continueing to do that for the 10 years. That is at least a little more honest. The savings from the wars ending and expiring tax cuts should be over and above. Really if you think about it the goal shouldn't be to reach S and P's standards but, rather work towards getting back in the black without hurting the economy.
Tax hikes will help the budget but, not the economy. I don't believe they will amount to much unless you effect those mid size businesses which America is counting on for job creation.
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No, my point was that if you eliminate the Bush tax cuts you can add $5 trillion more to government revenue over the past 10 years. Suddenly your debt load is a lot less. Although knowing the US, they would have just spent that money elsewhere and the debt load would be exactly the same.
The only way the US could cut taxes to help job growth is to lower the overall corporate rate. Small businesses that can't afford the money to exploit loopholes are suffering because of the high rate. Creating a level playing field for everyone would drive job growth.
Tax cuts for the rich are pointless, and should only be considered if you have a very low debt/deficit. Instead, if you WANT to cut taxes, you do it in the form of cuts specifically aimed at the middle/lower classes. The US already has a very low personal tax rate, so cutting taxes for the wealthy is short-sighted unless you actually cut spending too.
They didn't cut spending and now you're stuck with a imbalance between revenue and government expenditures.