Confronting the Debt Crisis

This chapter delves into the complexities of U.S. federal debt, emphasizing that merely taxing the wealthy is insufficient to stabilize it around 100% of GDP. It advocates for a comprehensive and bipartisan approach to tax reform and spending cuts to avert a potential government default. The discussion critically examines economic growth's limitations in solving the debt crisis, highlighting real-world implications of increasing deficits, including a case study from Maine.