The main problem with the idea that the solution to the problem is to cut taxes is that even with Bush's large tax cuts for the rich (the ones who are supposedly going to create more jobs making it possible for the government to collect more taxes), we still ended up with a rapidly shrinking economy. In a shrinking economy, tax revenues also shrink. If the existing tax cuts didn't prevent the economy from shrinking, there is no reason to expect that more tax cuts would prevent it from shrinking further, or cause it to grow.