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Originally Posted by willravel
Even with massive cost cutting, it will be necessary to raise taxes to make back the money spent. Unless the government shuts down for a year or two.
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Whats better taxing a million dollar transaction at 20% or taxing two, million dollar transactions at 10% each?
Which one will help the economy more?
There is a limit to higher taxes. Revenues are at an all time high, we just need to stop spending and that INCLUDES all the left wing entitlement programs. Earmarks are at the second all time high despite congress being in democrat hands
I'd also add that defense spending, despite the war on terror is a lower % of the GDP than just about any time in the past outside of 2000.
So no the war on terror isn't making us broke, and raising taxes is not the answer in a weaker (yet still growing) economy, unless you would like a depression.
Edit: You know my own personal 'when will we have a revolution' estimate has been 2050. Looking at the data I did to check on this post, it turns out that 2052 is when entitlement spending alone (no defense or anything else) will be higher than tax revenues. I might be more right than I thought.