We cannot afford to continue running huge annual deficits that are inflating the national debt.
If we don't reduce annual deficits, the national debt will become increasingly burdensome. Government must pay interest to investors holding its bonds, and as interest rates rise and the total debt increases, interest payments could become a much larger part of the annual budget.A group of radical Republicans proposes to cut major parts of the annual budget by 30% in order to balance that budget. But cutting this arbitrary amount across the board would be a horrible mistake.
Obviously, we need to cut expenditures to the greatest extent that is compatible with providing needed services to Americans. A reasonable way to raise federal taxes might be to increase income tax rates on people in the top half of annual incomes. In order to protect future Social Security recipients, we will also need to increase the FICA payroll tax which supports Medicare and Social Security.
Most income tax is paid by middle and upper earners. So increasing both the Social Security/Medicare tax and the income tax on higher brackets could distribute the increased taxation fairly on the entire population.
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