SERIOUSLY-

[JohnR]

Yes, there will need to be s o m e tax increases but it can't be done entirely on the backs of the middle class. Most important is that most of the savings are done from cuts, not new taxes.

At 10 years old, my kid owns 47,000 of deficit liability. How much will it be at twenty? Are we THAT irresponsible as a nation?

We have five ways out of the mess:

1. Tax the peees out of everyone
2. Cut the peees out of everything
3. Increase revenue through job creation / expanding the real economy
4. A balance of the above three
5. Default: in which case meet our new Goram overlords (geek reference)

[justplugit]

I vote #'s 2and3.
You gotta believe there is no way #4 will happen as history says,
#1 will always get the long end of the stick.

Cut first answer questions later.

[Jim in CT]

Originally Posted by JohnR

At 10 years old, my kid owns 47,000 of deficit liability. How much will it be at twenty? Are we THAT irresponsible as a nation?

[/LIST]

Oh no he doesnt! I posted on the other blog...the $14 trillion debt DOES NOT INCLUDE the projected shortfalls for social security and medicare. According to MSNBC (I posted a link on the other blog), those shortfalls are about $31 trillion. So add that to the $14 trillion we have in "operating" debt, and the total debt is $45 trillion. That works out to about $152,000 in debt for every American. And that ignores state and local deficits!!

I put the math in the thread thanking the Tea Party. Tax increases are useless. If we eliminate the Bush tax cuts on those making over $250k, that might get us $90 billion a year. If we put every cent of that towards the debt, and if we ignored interest, it would take 500 years to amass the $45 trillion we need.

I'd like a liberal here to tell me how we can even BEGIN to tax (or grow) our way out of this.

We can't. I wish we could, but we can't. We need deep, painful cuts. And we need liberals to stop yelling "you hate old people!!!" at people like Paul Ryan who are just being honest.