Of course this would drastically lower confidence in the U.S. government.
i don't think if we cut medicare, medicaid, SS, welfare, the military, food stamps, HUD by 10% we'd have any confidence in our government shaken...at least internationally
And if you think "over-regulation" is holding back the economy, just wait till we reneg on our contracts and obligations...and lay off tens of thousands of federal workers and contractors within a two or three month period.
that is going to happen at some point. this is not an argument, because that threat is literally ALWAYS hanging over our heads. shite is going to suck, we just have to decide when it's going to suck, and if we're going to try to make a long-term plan ahead of the point where we can't control it anymore (the crash)
But why can't we just cut spending? It boggles my mind. We can't even put together a long term plan.
because the spending we need to cut isn't government agency salaries or contracts. the spending we need to cut are in sacred cow entitlement programs
now i will say what DOES NOT help is enacting the largest entitlement program in 50 years with all of this staring us in our face. it's insane, but that's a different topic i guess