-——The best laid plans of mice and men, and all.-——
That can not be denied.
The focus seems to be on the deficit and spending. The real problem is the debt.
No amount of deficit spending reduction will reduce the existing debt. There can not be adequate real growth to eliminate the debt. The solution is to devalue the currency and the resultant inflation will increase real revenues at the existing rates of taxation. The combined devaluation and inflated marginal taxes compounded will eliminate the debt..
Agreed. IIRC we spend more than 40 cents of every dollar on debt repayment, is that correct? Debt is a cruching weight, it truly is the case that the borrower is servant to the lender.
By “Debt repayment” I meant on the interest payments, not on the principal (that’s never going down, IMHO).
Income tax rates are indexed for inflation.