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View Diary: President Obama's Opening Move: Raise $1.6 Trillion In New Tax Revenue From The Wealthy (222 comments)

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  •  Thanks for the correction (1+ / 0-)
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    Lawrence

    I was using the 2009 number. I still submit, however, that deficit reduction without some other future time-bomb issue like rising private debt is going to be difficult.

    I mean, even if the described scenario plays out, we're still going to be at well over 100% debt/GDP. Not good.

    (-5.50,-6.67): Left Libertarian
    Leadership doesn't mean taking a straw poll and then just throwing up your hands. -Jyrinx

    by Sparhawk on Wed Nov 14, 2012 at 09:33:37 AM PST

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    •  With a growing economy and a balanced budget, (0+ / 0-)

      that debt will, however, start shrinking relative to the GDP.

      Even if the deficit is at one to two percent of the GDP, it should shrink.

      Inflation ia a debt-killer in the long run, after all, and a growing economy means the GDP grows.

      "A candle loses nothing by lighting another candle" - Mohammed Nabbous, R.I.P.

      by Lawrence on Wed Nov 14, 2012 at 09:44:25 AM PST

      [ Parent ]

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