Comment Re:Just balance the budget. (Score 2, Insightful) 121
You can't tax your way out of it. If currently we're taxing say 10, the government spends 12. If you increase tax revenue to 13, the government will spend 16. The only way to fix the debt problem is to spend less than the government gets in revenue. Even if you get a balanced budget amendment and then increase taxes, the government will just spend all of it and not pay the debt. We need an amendment that says something like "The government will not spend more than it gets in revenue, and if there's an existing debt X% of the revenue must go to paying the debt". Only after that can you raise taxes to solve the debt problem.