The correct way to get rid of the debt requires two actions:
Cutting taxes in a way that stimulates business and increases hiring.
Controlling spending and reducing it 1% per year.
The two actions will meet at some point and the excess revenues due to both much increased business can be used to decrease the debt.
You have to remember that we are going through one of the worst recessions in our history. FDR set it off by signing the Smoot-Hawley Tariff Act for the same reason that people want high tariffs now, to protect our own industries. The whole world went into a deep recession as countries began to raise tariffs and restrict trade. It was a disaster that lasted until 1947 or so.
Although Hoover raised tax rates in 1932, FDR was in agreement with most of the provisions and further extended their reach with large additional tax increases in 1935, 1936 and 1937.
The original recession would have ended in 1934 but the increases in tax rates killed off the recovery.
Agreed. Reagan accomplished the first big time, but Congress wouldn't allow him to accomplish the second.
We can't tax our way out of debt. The ONLY way to do it is to combine explosive economic growth (lower taxes, less government regulations) with incremental, but steady cuts in spending.