The Republican view takes the position that with enough incentives in the tax code we can grow the economy, reduce unemployment, and ease the social safety net or welfare. This would, in time, solve the debt problems by reducing government costs. This is a cruel hypothesis, to say the least. Cruel, because some people actually believe that plan would work. Our economy is growing at less than 2%. It is unrealistic in the extreme to think that tax cuts could make any difference that would significantly change the debt equation. However, the Republican tax cut would further polarize wealth. There, we have a reliable track record.
The Democratic view takes the position that we need to tax all those making over 250K per year more, by altering the tax codes. This would reap big revenue for the treasury and soon we would see the red ink gradually sinking. A deceptive viewpoint ! Deceptive, because in order to make the numbers work we would have to import millions of millionaires and a few thousand billionaires. In these hard times I don’t know where we can find that many rich people.