So the Club for Foreign Growth is embracing Cain’s 999 plan to raise the debt faster until it lowers itself by magic.
psst, it’s called spending cuts.
Is there an independent analysis of the 999 plan? It should, theoretically, generate revenue that is in range of ~18% of GDP.
That is about the level of taxation Americans are willing to put up with, and a serious effort needs to take place to bring the government spending to that level.
This type of taxation, where tried, was very successful in speeding up economic growth.
A variation of Cain’s 999 has been adopted in most of the Eastern Europe in recent years:
http://en.wikipedia.org/wiki/Flat_tax#Eastern_Europe