“I’ve noted any number of times that government taxes comprise 14% of the national income and government spending is at 25% of the national income. That’s as high as its been since WWII I believe. The point, of course is there are three obvious choices here — cut spending to the income level (and beyond, really, if you plan on paying off debt) or increase taxes to the spending level (and beyond, again, if you plan on paying off the debt) or a combination of both. Watching this current administration, it appears option two is in the works. Lots of lip service about ‘unsustainable’ spending, etc., but the only movement I’ve seen is legislation that increases that. And, also, plans to increase taxes.” (03/18/10)