Wait, I don't believe that at all, for the following reasons:
1. The opposite hasn't been true. We have seen two dramatic tax cuts in recent history which absolutely did not lead to reduced spending.
2. The majority of federal spending is for healthcare or social security. Spending in these areas is somewhat hard to change, even with the political will. It's certainly damn near impossible to decrease such spending; it would immediately cause massive hardship for the most vulnerable people in our society (and probably riots riots).
3. The U.S. has run a surplus before and somehow didn't immediately bet it all on the ponies.
Perhaps our modern politics are so dysfunctional that there is no way out.
Wait, I don't believe that at all, for the following reasons:
1. The opposite hasn't been true. We have seen two dramatic tax cuts in recent history which absolutely did not lead to reduced spending.
2. The majority of federal spending is for healthcare or social security. Spending in these areas is somewhat hard to change, even with the political will. It's certainly damn near impossible to decrease such spending; it would immediately cause massive hardship for the most vulnerable people in our society (and probably riots riots).
3. The U.S. has run a surplus before and somehow didn't immediately bet it all on the ponies.
Perhaps our modern politics are so dysfunctional that there is no way out.