Why you can't tax your way out of our fiscal situation

From the NYT:

'In all, federal taxes now equal about 19 percent of the nation’s economic output, which is in line with the historical average. But the costs of Medicare and Medicaid, on their current path, would require that number to rise to an unmanageable 30 percent, and beyond, in coming decades.
“We as a nation cannot tax our way out of this problem,” Mr. Holtz-Eakin says. “It’s just not an option.” '

Both Obama and Clinton want to tax more!