On Fixing the Debt
CEOs of more than 80 companies are launching a campaign to pressure Congress to finally reduce the federal deficit.
BOTH political parties need to listen up here.
It’s really pretty simple. The consensus among all economists is that the only way to solve our debt problem is with tax-revenue increases AND spending cuts.
I agree with Blodget here that the tax increases can’t just be accomplished by letting the Bush-era taxes expire. It needs to be done by massively simplifying the tax code to get rid of or decrease all deductions, credits and loopholes.
Good news is the Simpson-Bowles approach provides a good framework to start at: about $3 in spending cuts for every $1 of tax increases.
Learn more at FixTheDebt.org.