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US deficit and taxes


Uccmal
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Recently Don Drummond, was appointed to oversee Ontarios Public service spending.  Mr Drummond is a well regarded economist who spent a long time with TD bank.  He was asked in an interview last week on TV Ontario, I believe how he would solve the US fiscal crisis. 

 

His answer was that the Us doesn't have a fiscal crisis they have a tax crisis.  He would raise taxes enough to offset the deficit.  He went on to say that it wont happen of course because the US is ungovernable!  That strikes me as cutting to the chase. 

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LOL smart man. I would cut spending a bit, mainly military and reform entitlements to make them more sustainable (tackled as unrelated to the deficient). Tax raises on everyone though dis-proportionally would be how the bulk of things were sorted though. Might even add a vat tax, while cutting a few other taxes perhaps. We still have one side tripping over themselves to cut taxes for those well off though, via a flat tax system though....

 

Ungovernable we are . Should be interesting when folks stop buying our bonds. We will likely continue the debate on whether we cut spending to deal with lower bond sales, or raise taxes...

 

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Of course this thread will turn into a theory based discussion on the optimum tax rate, which will be heated and interesting, but wont do anything to solve the problem.

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Ungovernable we are . Should be interesting when folks stop buying our bonds. We will likely continue the debate on whether we cut spending to deal with lower bond sales, or raise taxes...

 

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Of course this thread will turn into a theory based discussion on the optimum tax rate, which will be heated and interesting, but wont do anything to solve the problem.

 

Lol

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