So does our debt.
Also, the economical damages are highly exaggerated. Tax revenue vs economic growth has a positive correlation. Heck, I showd in another thread that if you look at state taxes, there is no correlation between tax revenue and unemployment.
Interest rates are much more worrisome.. Non governmental debt is over forty trillion. If effective interest rates went up by just one percent, you increase debt service loads by 400 billion
I believe in lower taxes so that people can keep their earned money. The economics of the argument against taxation are weak.
Plan for eliminating the national debt in 10-20 years:
Specific cuts; defense spending: http://rolexian.wordpress.com/2011/01/03/more-detailed-look-a