President Obama often talks about the need for a "balanced" approach to deficit reduction, by which he means tax hikes in addition to spending cuts.
At the recent presidential debate, for example, he said, "We've got to reduce our deficit, but we've got to do it in a balanced way. Asking the wealthy to pay a little bit more along with cuts."
The only problem with this approach is that the massive projected deficits over the next 10 years aren't the result of too few taxes. They are entirely the result of too much spending.
Here's the proof:
(Excerpt) Read more at news.investors.com ...
