News - Can America's Debt Growth Be Stopped?

News - Can America's Debt Growth Be Stopped? | Heartland Institute
"Poulson believes that both Hillary Clinton and Donald Trump lack credibility when it comes to facing this nation's federal debt crisis.
For Dr. Barry Poulson, University of Colorado's Emeritus Professor of Economics, and co-author of  "Can the Debt Growth Be Stopped?" the nation's debt crisis is an urgent issue that must be addressed in this year's election.
Poulson explained the seriousness of the issue at an event August 3rd at Heartland Institute in Arlington Heights.
Poulson believes that both Hillary Clinton and Donald Trump lack credibility when it comes to facing this nation's federal debt crisis, as neither candidate is offering solutions that would halt the federal debt from continuing to grow at an unsustainable rate.  
Hillary Clinton wants to increase taxes on the wealthy to fund her ambitious federal program. 
Trump is proposing a tax cut that would definitely reduce revenues over the next decade by $10 trillion.  
Furthermore, Clinton wants to significantly boost entitlements; 
Trump want entitlement spending protected.
The economics professor cited how the Congressional Office is projecting federal debt increase to equal more than 100% of the national debt over the next decade.
For him, it's highly questionable whether higher tax rates would increase tax revenues in the long run. Instead, they would foster retardation and stagnation in economic growth.
Poulson's solution to this nation's $20 trillion federal debt crisis, and the impending financial collapse of this Nation's economy, calls for a new fiscal rule, a national debt brake, similar to the fiscal rules enacted in Switzerland.
The Swiss Debt Brake requires that expenditures are equal to revenue in a given year adjusted for the ratio of actual income to potential income.
Potential income is estimated using the trend rate of growth in income in prior years..."