Only a minor correct, you had it almost entirely correct. My compliments.
Former President Reagan increased revenues after eliminating deductions (minor ones). The deductions eliminated were deductions (mostly) for those in lower income brackets. Then came the deal, the hand shake, the jobs (lots of jobs), and increased revenue from jobs created. It became a boom in no time. Incomes increased, jobs increased, revenues increased. This time the situation is a little different. There is no jobs plan or methodology whereby the democrats are interested in job creation, at least not from what have seen. No jobs, equals less revenue. Also there were tax cuts to create jobs. No such plan this time. I pray you are not angry with me for typing this bit of information. I really think you did a fine post. And btw ... what do I know? I only alive during that time of President Reagan's successful deal. It was a wonderful time.
The problem is also demographics, although not in the way you might think.
Who’s going to buy the stuff once the boomers are gone? The economy is under heavy deflationary pressure. With such a high debt level and such a weak underlying economy - this is a recipe for big trouble.