The combined wealth of American's billionaires is only $1.5 trillion. [1] If we taxed them 100%, it would only pay off our budget deficit for one year. We still have around 54 trillion total debt to pay down. Not to mention 115 trillion unfunded liabilities.

And which entrepreneurs would be stupid enough to work 14 hours a day and hire workers, knowing that the government will tax them 90%? They would all flee the country.

We have too much debt, period. From military, medicare, and social security spending. Problem is, if we reduce any one of these, either our soldiers returns home broke and angry, or the seniors die of starvation/disease. (35% of Americans already over the age of 65 rely almost entirely on Social Security payments alone. Median retirement savings of households over the age of 65 is less than $45,000).

Tough choice. But it looks like the current politicians aren't going to make a decision, but let Bernanke print dollars until hyperinflation arrives.

http://english.alarabiya.net/articles/2011/03/10/140943.html