Cutting spending is the first priority and Americans have to learn, as previous generations did, that to survive into the future everyone is going to have to sacrifice. We need to stop borrowing money from our enemies, and further the Federal Reserve must cease buying U.S. debt from the Treasury. That is akin to our household paying the mortgage and car payments each month with a credit card and then getting another credit card when that one is maxed out. Eventually the debt comes due. Increased taxation upon the rich is fine (earners over $1 million per year), but if they are business owners they will simply lay off workers to reduce expenses. I see it as more of a spending problem rather than taxation. For our family, when the Bush tax cuts come off, we will see our federal tax obligation increase by over $300 a month. So we will simply buy fewer goods and services, not that we do much currently. Our economy will go into a second recession, and companies already began announcing layoffs right after Tuesday's election. More and more will follow between now and the end of the year. GDP is a complex formula but you must have increased employment, coupled with reduced government spending and higher tax revenue to grow the economy. We simply are not doing that nor will do so going into 2013. Even if the 'rich' (earners over $250K a year) see increased taxes subsequent to the Bush tax cuts coming off, I heard the other day by an economist that the additional revenue is only enough to fund the federal government for less than two weeks. We are in a sad, sad financial mess.