Cutting taxes will not reign in spending as long as they can continue to borrow and the Fed is willing to monetize the debt. There are 4 approaches to dealing with the debt crisis.
Cut Spending. Spend less and you reduce the amount of borrowing. Cut enough and you can reduce the debt.
Raise taxes. Bring in more revenue and you have to borrow less, unless you spend more. The other problem is that the increased revenue only lasts until the taxpayers adapt to the new taxes. The liberals will point to the Clinton Budget surpluses as “proof” this works. Ignoring the fact that Clinton was in office during the Internet bubble and prior to 9/11.
Grow the economy, this is difficult when you increase taxes and regulations. But this also works 100% of the time because it increases the tax base and reduces the outflows of government assistance. This is the real reason for the Clinton budget surplus. With the internet bubble we reached almost full employment and maximized revenue. But, alas it was a bubble. The economy grew between 1995 and 1999 not because of Bill Clinton, but in spite of Bill Clinton.
Devalue the currency. Reduce the value of the currency reduces the value of the debt. Problem is this causes hyper-inflation - the worse tax of all. It devastates the economy and eventually results in more government spending to address the problems it causes, or as we’ve seen in Latin America, a socialist/communist revolution.
I’m afraid that this last election has sealed our fate. 51+% of the voters owe their subsistence to the government and the protectors of their programs, the Democrats. They allowed public workers to unionize, illegal immigration to continue unabated , voter id laws to be blocked, seized 1/7 of the US economy through Obama Care. Don’t be fooled, the penalties for employers not providing health care was purposely kept low. Not to help small business but to incentivize large businesses to dump healthcare. This will result in employee paid health care to wane and a single-payer plan to take hold. It may take 15 years but it will happen. Healthcare will be rationed and senior citizens denied life extending treatment for the ‘greater good’. Liberals already pro-rate the value of human life from conception to birth they will have no issue pro-rating the last few years. Remember, the Nazis were Socialists first, insane tyrants second.
Now they will take the guns.
Face it everyone - the game is over and we lost. We can’t win another Presidential Election and the Republican’s in Congress have no backbone to stop the inevitable..