Can We Balance the Federal Budget on the Backs of the Billionaires?

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Almost-but-not-quite-billionaires Adam and Jeff consider whether a national wealth tax on billionaires would be a good way to balance the federal budget. After considering the extent to which the $38 trillion national debt is compounding upon itself and the limited supply of billionaires, they are not optimistic that such an approach will work. They also point out that the fundamental problem is not a lack of tax revenue with tax collections totaling $5 trillion per year but persistent overspending which is now in excess of $7 trillion per year. So even if you tax every billionaire into abject poverty, it will only be a drop in the bucket and the annual shortfalls will continue to compound. Jeff offers the radical idea that maybe, just maybe, the solution might be that we spend no more than we receive in tax revenues each year. Adam pointed out that Jeff was suffering from a high fever and probably needed to go home until his hallucinations went away.