…simply letting the Bush tax cuts expire on schedule (or paying for any portions that policymakers decide to extend) would stabilize the debt-to-GDP ratio for the next decade. While we’d have to do much more to keep the debt stable over the longer run, that would be a huge accomplishment.
But you know it’s just like a family budget. Yup, after a family member gives away a large portion of your income you tighten your belt, cut expenses but never reestablish the lost revenue source.
