What say you? Personally I hate taxes. And I hate govt. spending. So I'm all for keeping them and extending them forever. BUT BUT the govt. has put itself in a tough bind with all of this "stimulus" crap and "bailouts" that the RINOs backed and now even more entitlements and social services that neither party is willing to cut. So what happens now. Something somewhere needs to be chopped so people don't get taxed to death.
I wish we could go Isolationist for a few years. Cut out the majority of foreign aid and use that money in-house. Or those stupid programs that fund the studies of the effects of drugs on Chinese hookers or whatever...
If we cut every cent of foreign aide and all wellfare programs from the federal budget the deficit would decrease from 3.8 trillion to 3.77 trillion. If you cut the entire department of education, after cutting all the aide it would decrease to 3.7 trillion. No meaningful cuts can be made from areas that are not social security, medicare, medicaid, and defense.
If you don't spend during a recession, you could end up with a worse recession or a depression. Now we can argue all day about how to spend, how to get that money into the economy, but just about all economists recommend increased spending during a recession. Running a deficit during good times is a bad idea.
If you don't allow the market to correct you are only delaying the inevitable propping up of a bubble. When it bursts watch out.
government income will often go up if you dont raise taxes because lower taxes spur the economy. smaller piece of bigger pie.
