If the president called instead for a genuine program of shared sacrifice, he could rally support from moderates and pragmatic conservatives and make serious progress in reducing the devastating deficit. With no other alterations in projected federal spending, an increase in taxes of 2 percent across the board (yes, including corporations), combined with a cut in spending and benefits that also subtracted 2 cents on the dollar, would yield deficit reduction of $400 billion this year—four times as much as the mandated sequestration cuts scheduled for March, and nearly seven times as much as the combined tax hikes in the fiscal-cliff deal. In fact, if applied for a full decade, the 2 cent fix would easily top the $4 trillion in total deficit reduction the president declared as his ultimate, visionary goal. It would move the country nearly all the way back to the normal, post-war spending-to-revenue ratios that applied as recently as 2007—19.5 to 18.3 percent of GDP. This compares to the unprecedented imbalance of last year, which saw spending at 24.3 percent and revenue at just 15.8.