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Upon further reading the numbers are more complicated that what I indicated, but why do you believe raising taxes would not have an impact on the deficit?
9954 always says that. In fact, he says nothing else, which is why I have him on ignore. Yet he also seems to bemoan the loss of some past America where things didn't used to be this way, which sets up sort of an odd paradox. If nothing changes, then why are things so different from how they used to be?
Now, here's a good blog post (written last year) which talks about some of the mechanics of taxes and debt from a "Research Fellow at the Research Institute of Industrial Economics" (at least, that's what his bio says).
Not being an economist myself it's hard to check on the veracity of all these claims, but taken as a whole this does have the proverbial stink of truth.
One thing I think needs to be kept in perspective relative to the debt is that we are still only just coming out of a severe economic depression. That kind of downturn -- which reduces tax receipts -- combined with more than 60 or maybe even 70% of the budget already allocated to fixed costs, is always going to lead to a ballooning debt.
The upside is that as the economy improves, which everyone thinks it will, a portion of this problem will fix itself.
Because the administration has already said it wants to use that $$$ to pay for other programs. $80B is less than a drop in the bucket when compared with $16T.