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We must cut spending to bring down the debt

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Posted: Saturday, November 17, 2012 12:00 am

Now that the majority wants to raise taxes on certain earners, I would like to go through some math.

The federal government currently spends about $1.2 trillion more each year than it brings in. This has resulted in about $16.2 trillion in debt. Ignoring the potential effects of raising taxes, the additional income could move towards solving the problem if the money pays down the debt, and the government starts spending less each year than that additional income pays down the debt. In this scenario, the debt goes down over time (under this scenario, we are much less broke in 20 years).

If the federal government doesn't decrease spending by more than the additional income, we have gained nothing; of course, if the additional income is simply spent, we actually get worse.

The solution to the deficit and debt problems is to stop spending more than comes in — something not even being considered by our federal government.

The proposed additional income (new taxes on the few) is estimated to bring in over $1 trillion in additional income over a 10-year period. In that same 10-year period, we are expected to overspend more than $1 trillion each year. Thus the new taxes are like telling someone we are only going to shoot you 10 times instead of 12. We are still dead anyway.

John Herrick

Lodi

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