Obama and his new budget: Debt will surpass total US Economy

[Schneed10]

Firstdown, the reality is that increasing taxes on the 40% who currently pay nothing into the system is like trying to extract blood from a stone. Taking a chunk out of their income wouldn't generate much, because their income is below the median in the first place.

I actually agree that taxes will have to increase on the rich at some point. Definitely against my economic principles. I'd let the economy get stabilized a little further before doing that, but once the economy is in good shape again, we'll have to get more from our highest earners. I would never recommend that under normal circumstances, but debts of this level have not been seen since the 1940s, so it calls for unusual measures.

In addition, Obama needs to make a lot more spending cuts. Social security needs the overhaul Bush tried to make. Those funds need to be invested more wisely and benefits pushed back to later years. Defense spending can come down too; some of the stuff we're capable of is just friggin overkill.