The US is in dire need of austerity measures, and any Washington wonk or wannabe who disagrees has no business in government. We ran another multi-trillion dollar deficit ($1.8T), and the national debt crossed the $36T mark. Is anyone paying attention?
The days of hundred billion-dollar deficits are long gone. Spending exceeds revenue by trillions and will continue to do so indefinitely. This is the definition of financial instability, and it doesn’t end well. The question is, what type of austerity, and how do you manage it? The left wants to raise taxes, but that will crush growth. Republicans want to lower taxes, but by themselves, this will lead to even bigger deficits. The answer is simple. Massive government cuts with substantial tax cuts.