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gtlenz · 2011-02-18 · Original thread
The interactive map doesn't allow one to account for increased economic growth. That's the argument behind supply side economics. There are two books that best lay out an approach to fix the budget deficit by cutting taxes. I know this sounds crazy, but I encourage everyone to give them a read. I've also included JFK's speech to the New York Economic Club (He'd be with Republicans today on fiscal issues). Even if you read them as a mental exercise, it will help you understand why Republicans advocate cutting taxes:

JFK's address to the New York Economic Club:

Econoclasts by Brian Domitrovic: (This book shows why when Bush 43 cut taxes it didn't lead to growth. Mundell's policy mix is key)

The Growth Experiment by Lawrence Lindsey

I don't disagree that spending is the main culprit of the budget deficit, but there is a way out of our predicament that few if any are talking about. Historically tax revenue is equal to about 18% of GDP. So in order to have a balanced budget at 3.73 trillion we would need a GDP of 20.7 trillion . To balance our budget, assuming no growth in spending, it would take 7 years of 5% growth. It would take 5 years at 7% growth and if we could get to 8% growth, agreed to keep the budget at 3.73 trillion, in year five we could pay 300 billion of our national debt down. In my opinion, growth is literally the only way out of our problem without devaluing our currency. The tax raises necessary to fix our problem would choke off our ability to grow.

gtlenz · 2010-11-15 · Original thread
The best book to read up on the subject is "The Growth Experiment" by Lawrence Lindsey. Here is the link:

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