Discuss Question 3
3. FISCAL KNOWLEDGE: Improved economic growth alone can realistically solve our nation’s long-term fiscal challenges.
ANSWER: False – Even if the economy were to fully recover, it would have to achieve double digit real GDP growth (after inflation) for decades to get us out of our over $62 trillion financial hole. This level has not occurred in the U.S. in the past 70 years, and it is unrealistic to expect it will in the future.
CBO estimates are in error, since spending 40% of GDP is pessimistic in the extreme. Revenue can be enhanced without huge tax penalties, with flat basis and no silly deductions/exemptions, nor earned income credits for “poor.” The economy, without stifling global “warming” penalties, or EPA dictates of questionable merit, will soar enough to limit valid expenses for security, law enforcement, and some oversight essentials.
Further, most oversight expense would be more than offset by recovery of fraud, waste and redundance in ALL services.
The $62 trillion financial hole was never mentioned in the question, 15-16 trillion is number used to describe our current debt. Raising taxes is definitely not the answer.
You mean the last 70 years the progressives have been pulling us in the wrong direction? Oh, imagine that. And it would be logical to assume that one would think that solving our nations long term fiscal challenges would take decades, don’t you think?