It’s like a household that makes $50,000 per year, now must deal with $49,000. Not pleasant, but doable. It’s time to live within our means.
The federal level politicians are all moneyholics. They just can’t deal with the reality of spending more than taxes are taking in. Increasing federal income tax rates won’t work because federal tax revenue has always been about 19 percent to 20 percent of GDP, regardless of the marginal tax rate.
Taxing the rich won’t work either because if you do the math, you will quickly realize there simply aren’t enough of them to make a meaningful difference in the deficit.
Bottom line, cut spending by any means possible.