The actual headline on Dean Baker’s article was, The Supercommittee Should Go Really Big and Turn Against the One Percent, as it was written before the committee staved off disaster by wisely doing nothing.
Baker has a number of ideas for raising revenue that would have cut the deficit.
Over the longer term there will be budget issues, but they mostly stem from our broken health care system. If the United States paid the same amount per person for its health care as people in other wealthy countries we would be looking at huge budget surpluses, not deficits.
We can get a huge amount of saving from cutting what we spend on the military. If defense spending were the same share of GDP over the next decade as it was in 2000 we would save $2 trillion over the next decade.
And, if we want some more tax revenue there is no better place to start than by directly taxing the 1 percent’s trade on Wall Street. A modest financial speculation tax can easily raise more than $1 trillion over the next decade.
The “debate” as it is reported in the media rarely tells you where there are such huge sources of revenue and savings other than cutting the benefits paid by Social Security, Medicare, and Medicaid.