Which do you think is better; more taxes or a deficit?

Question

Many democrats have said that taxes on the rich and big corporations will be needed to make up for the current deficit. The idea being that the deficit is hurting our economy, and the country in general. Yet there is also the argument that more taxes will hurt the economy, and the country in general.

Which do you think is worse (or better) to have the higher taxes, or the deficit? Or do you have an alternative?

Answer 1

In the long run its more taxes, not a momentous deficit.
Lets face it, even if people don't like it, a tax hike has to happen simply because of the present administration's spending. At over 9 trillion even with a booming economy, which is not there, taxes will still have to be raised. All you have to look at is the lower buying power of the dollar as well as other countries contemplating not basing their currencies on the US dollar and you can see the troubled financial situation of America with this deficit.

Answer 2

Deficits, and the accumulated debt drives down the value of the dollar and makes the US beholden to foreign debt holders like China. It's in our best interest to stop deficit spending and reduce the debt.

Cut the $700 billion a year we waste on defense in half and you'll have a good start at reducing the deficit. With the $9 trillion debt we pay about $500 billion a year just on the interest, so we should work to eliminate the debt as well. Put those two annual expenses together and it equals half of the yearly budget.

Republican policies have resulted in deficits for every year they held the Whitehouse. It's going to take several years of surpluses to pay off their debt. The only way to have surpluses is to take in more than you spend, so it will require some budget cuts along with tax increases.

Answer 3

Yes, review all policies in place. See how taxes are currently allocated, and get rid of the waste projects. This is a great start, then we can look at whether we need to raise taxes at all.