The plain simple truth is increasing taxes on one segment of the population is not going to change the revenue coming in significantly enough to make a difference when compared to the shear volume of spending estimated to occur.
I will say this simply, Bush spent too much money. Obama makes Bush look like a Conservative ( Bush was a centrist and did not mind spending increases across the board for social and military spending ).
So how do we dig ourselves out of the hole? The sad truth is somethings are going to HAVE to be cut, or else our GDP is going to have to significantly increase ( hopefully NOT through inflation ).
The military is a paltry 25% of our federal budget. Even if we cut it in half we a trillion dollars in debt. If we eliminate it entirely we are still half a trillion in debt.
Would putting people back to work help? Of course, it may close the gap an additional $250 Billion. Add onto that the $100 Billion from an increase in taxes on the Wealthy and you have almost a balanced budget again.
The additional taxes are almost NOTHING in comparison to the need to cut spending.
In the end Congress MUST check itself in spending, it must reduce spending by as much as 20% in order to achieve a resolute balanced budget. But they know they cannot do that without causing another downturn in the economy. The only reason our GDP went up under Obama is the massive Deficit spending.
