Much of the effects of the deficit spending done by Congress in the last decade or so can be offset by increasing the marginal tax rates. We raise about $1.5 trillion in personal income taxes each year, so inceased taxes along with some reduced spending can resolve the deficit pretty quickly. No one will like a tax increase and such a move would be political suicide, but our fiscal problems are far from insoluable. Even if a significant tax increase was enacted, the result would likely be far from the highest marginal rates ever experienced in the U.S.

All I'm saying is that there is a solution to runaway inflation and skyrocketing interest rates--inreased taxation. Maybe it will take the political outcome of such a thing to return Congress to true fiscal conservatism.

The ship of state changes course slowly--but change it will.