The budget deficits are so large right now, that thinking that they will ever be reduced is a fairy tale. There will be algebraic gymnastics in future budgets that claim they will reduce the deficit by 2% over 10 years, but we know that will never happen.
I may have missed it, but how do
tax cuts figure into your algebraic gymnastics? According to one point of view, it's really stupid to cut back on income when you are buying stuff and need to make payments.
Very much this.
In a high tech society, you are going to spend or you are going to take immediate downgrades in your standard of living. So slashing revenues isn't really a sane option.
It is also worth mentioning that I spent quite a bit of time working on taxes last month, and the sorts of allowances made to working and middle class people took a beating, while life just got way easier on rich folks and C corporations.
Of course what the C corporations did was massive stock buybacks. Investment wasn't really a thing.
