Bad things happen to an economy when debt exceeds 77 percent of GDP. When debt exceeds 90 percent, growth rates are cut by half or more. Our $16 trillion debt exceeds 100 percent of GDP.
Presidents Harding, Kennedy, Reagan and George W. Bush each made major reductions in income tax rates. Each time, revenues rose substantially. Yet Obama wants to raise them.
Since it's the effective ceiling on revenue, no matter how we manipulate the tax code, spending must be held below 20 percent of GDP. If the government keeps adding to our mammoth debt, it won't just exert more drag on the economy. It'll crash it entirely.
But, hey, you got a free cell phone!