Budgets were balanced by slightly higher tax rates, and a whole lot of capital gains to tax.
We've got a massive market bubble right now, and could potentially make a dent in the deficit by taxing it. The deficit has grown so much since the 90s that you couldn't come anywhere close to balancing it even with an aggressive tax regime, but it would be much more effective than haphazardly firing Federal employees.
We did actually raise taxes a bit -- or rather, tariffs. They've taken in about $150B, more than DOGE has done. But that comes mostly from the poor and middle class, and doesn't come anywhere close to balancing the tax cuts (which go primarily to the upper class).
https://fred.stlouisfed.org/series/W019RCQ027SBEA
Budgets were balanced by slightly higher tax rates, and a whole lot of capital gains to tax.
We've got a massive market bubble right now, and could potentially make a dent in the deficit by taxing it. The deficit has grown so much since the 90s that you couldn't come anywhere close to balancing it even with an aggressive tax regime, but it would be much more effective than haphazardly firing Federal employees.
We did actually raise taxes a bit -- or rather, tariffs. They've taken in about $150B, more than DOGE has done. But that comes mostly from the poor and middle class, and doesn't come anywhere close to balancing the tax cuts (which go primarily to the upper class).