There are a number of ways that we could begin to cope with the absolutely disastrous financial situation we are in, but none of them are popular with most of the people who would have to make any meaningful sacrifices.
Just raising taxes on the rich would not even begin to solve the problem. All of us will have to make do with a little less if we can ever hope to turn the situation around.
In addition to significantly raising taxes on wealthy people, I would strongly support government spending cuts in a number of areas (including some that my wife and I receive) if the money would be used to begin to chip away at the debt that is putting future generations of Americans in economic peril. But, unfortunately it would probably just be used to fund more costly government programs.
One of the most ludicrous things ever is the fact that we Americans who are so hopelessly in debt that we will probably never be financially stable again, continue to borrow money from China so that we can give $50 billion a year in foreign aid to other countries.
Oh, and by the way, one of the countries receiving foreign aid money from America is China, so in effect we are borrowing money and paying interest to the Chinese for the money we are giving to them.
What’s wrong with this picture?