Is to claim that our taxes are killing us;
When we glob'ly compare,
We pay less than our share,
So it's not that we can't, but our willingness.
Standard and Poor's, in putting US Treasuries on negative watch last week, noted that the American public sector takes up a smaller percentage of national income than those of other AAA-rated countries. This suggests that the US has the financial flexibility to raise taxes in order to lower the deficit. That's the good news; the bad news is we haven't mustered the political will (or maturity) to do it.
Hat tip to The Economist's Free Exchange blog.