[TorpX]

Originally Posted by MH

American Dream.....


Maybe Americans need to accept the fact that taxes need to be uhm....adjasted.

As magic said, this will not work. It has already been tried. When a "compromise" has been reached higher taxes are levied, but the deal soon falls apart, as Congress has little discipline. After the promised spending cuts evaporate, all that is left are the tax increases. Really, the extra tax revenues just encourage Congress to spend more. Furthermore, higher taxes would almost certainly initiate a "double-dip" recession, and likely be counterproductive.

Unfortunately, I think the debt ceiling will be raised again. Very few in Congress seem to have the psychological toughness to do otherwise. I'm not sure they grasp the magnetude of the problem yet. I would not have much hope, were it not for the Tea Party folks. I think it all depends on the next election. If Obama and his counterparts in congress, have another four years to suck the life out of the nation, I think we will be utterly bankrupt.