Subject: Re: How Deficits Work...
Deficit = Spending - Revenue.

When spending exceeds revenue, deficit occurs.

It's math.

Sure. His point was the revenue part of that equation. It is inadequate, unless you want to cut Medicare and SS (which is the ONLY way you could balance the budget given current revenues).

In Reagan's time, the top tax bracket was 80%. We should probably head back in that direction. Not that 80% is a magic number. I have no idea what the magic number is. But I'm sure 35% isn't it. We also need to reform such that people who don't work for a living (i.e. live off unearned income) pay a good chunk. Those are typically the super-wealthy, clipping coupons and handing down fortunes over generations.