Brooks, David, “The Ecstasy of Fiscal Policy,” The New York Times, 04/01/10

“These days, voters want low taxes — about 19 percent of G.D.P. And they want high spending — over 25 percent of G.D.P. by 2020. As a result, federal debt, which stood at 41 percent of G.D.P. two years ago, is forecast to balloon to 90 percent of G.D.P. in 2020, according to the Congressional Budget Office. By that time, interest payments on the debt alone would be $900 billion a year.”
“…That means deficit reduction has to be embedded in policies that produce growth. Michael Graetz of Columbia University has proposed replacing the current awful tax code with a value-added tax of 14 percent, cuts in the corporate tax rate, and a fair income tax with two simple brackets kicking in over $100,000.”