The president and his supporters call for tax increases as a means to cover the deficit, but higher tax revenues cannot eliminate the deficit. Controlling for inflation, federal tax revenue today is 23 times greater than it was in 1960, but congressional spending is 42 times greater. During the last half-century, except for five years, the nation has faced a federal budget deficit. It's just simple math. If tax revenues soar, but congressional spending soars more, budget deficits cannot be avoided.
People ask what can be done to save our nation from decline. To ask that represents a misunderstanding of history and possibly a bit of arrogance. After all, how different are Americans from the Romans, Spaniards, French and the English? These were once mighty nations standing at the top of civilization. At the height of these nation's prosperity, no one would have predicted that they'd become third-rate nations, especially England. If during Queen Victoria's Jubilee in 1887 had a person suggested that England would become a third-rate nation and later challenged on the high seas by a sixth-rate nation (Argentina), he would have been declared insane.
One chief causal factor for the decline of these former great nations is what has been described as "bread and circuses," where government spends money for the shallow and immediate wants of the population, and civic virtue all but disappears. For the past half-century, our nation has been doing precisely what brought down other great nations. We might have now reached the point of no return. If so, do we deserve it?