Arguments over whether spending should be cut or taxes raised and by how much miss the relevant question. The world continues to deteriorate and will, regardless of how that argument is settled. This is a tactical issue that cannot alter the current crisis. A deeper strategic issue must be addressed, but government will not touch it.
By focusing on spending and taxes, it is conceded that government should be Leviathan. This tactical approach only deals with how much and in what fashion Leviathan should be fed. The strategic issue deals with the role of government. How big should it be? What should it do and not do? How much control should it have over the economy? Over our lives?
Leviathan is inconsistent with a free market economy. Free markets are a nuisance to big government, hence government always wants to diminish freedoms. Big government is power and coercion. Free markets represent the opposite. The two are not compatible. If you believe in free markets, you cannot have them with big government. If you believe in big government, say goodbye to free markets.
That is the real issue and no one is willing to address it, at least no one who works for or depends upon big government.

[...] The Relevant Question (economicnoise.com) [...]