One day, the great philosopher Plato discussed with his students the issue of justice. One student said that when you pay your debt you are doing the right thing and that is justice.
I think we Americans can agree with this assessment. Well, how we can pay our national debt (more than $16 trillion) is the question. A reasonable person understands that once you are in debt, a logical solution is to work harder to increase revenue and decrease spending at the same time. As reasonable people, we can understand this logic. Of course, it is a lot easier to say than to do.
As we all know (or should know), we avoided the “fiscal cliff” thanks to an end-of-the-year agreement by Congress (Republican-controlled House of Representatives and a Democratic Senate). The final agreement solved the first part of the problem, increasing taxes for those making more than $400,000 (for individuals) or $450,000 (for couples).