He might try. But I think these clowns have reached the end of the road on taxes. Further tax increases are just going to reduce the GDP, and the deficit now exceeding $1.5 trillion, will balloon to in excess of $2 trillion per year. Needless to say, that won’t last long before the economic machine assumes the fetal position.
In addition to taxes, now for every dollar the Govt. borrows, a NEGATIVE $.45 is the GDP result. We are past the point of no return. Here is an article and graph in support:
http://www.swarmusa.com/vb4/entry.php/25-THE-Most-Important-Chart-of-the-CENTURY
On older, outdated set of data from 1910 on that has not counted recent borrowings:
Year Gross Debt in Billions [6] as % of GDP
1910 2.6 n/a
1920 25.9 n/a
1930 16.2 n/a
1940 43.0 52.4
1950 257.4 94.1
1960 290.5 56.1
1970 380.9 37.6
1980 909.0 33.3
1990 3,206.3 55.9
2000 5,628.7 58.0
2001 5,769.9 57.4
2002 6,198.4 59.7
2003 6,760.0 62.5
2004 7,354.7 64.0
2005 7,905.3 64.6
2006 8,451.4 64.9
2007 8,950.7 65.5
2008 9,985.8 70.2
2009 (est.) 12,867.5 90.4
2010 (est.) 14,456.3 98.1
2011 (est.) 15,673.9 101.1
2012 (est.) 16,565.7 100.6
2013 (est.) 17,440.2 99.7
2014 (est.) 18,350.0 100.9
How long will it take this administration to bring this country and its citizens to the same status as Haiti or other third world African and Asian nations? Soon if some type of action isn’t taken.