There is an excellent piece in today’s New York Times that cuts past the rhetoric to point out that in the main US business has no interest in fixing the deficit. Instead it want to reduce taxes, especially on corporations and the wealthy and is loath to cut spending on anything that affects business. See
So next time you hear a Tea Party or other person of any political persuasion talking about the deficit, ask for the numbers in their proposal to cut it. By the way, when Pew Polling had people from across the political spectrum choose from a range of a tax and spend options to end the deficit, supporters of the Tea Party did worst in finding a combo they could support, and which also fixed the deficit, primarily because they couldn’t accept any tax increase. Anyone who thinks you can fix the deficit without raising taxes is on something.
Here are some numbers on the effect of various actions on the deficit, which is projected to reach $1 trillion or $1,000,000,000,000 who like to see all the zeros per year. All of these have been suggested and costed/estimated fairly rigorously:
- Take $100 billion out of the defense budget as Iraq and Afghan wars wind down
- End many farm subsidies $15 billion
- Cut Federal workforce by 10% $15 billion
- End Bush era tax cuts for those earning over $250,000 $60 billion
- End other Bush era tax cuts for everyone else $200 billion