And rates are not likely to be adjusting downward. Households are paying about 13.75 percent of their aggregate tax income to service debt -- and it is going to go higher.

Could you imagine reducing our fatality rates by 60 percent?

A temporary reduction in tax rates on individual incomes can be a powerful weapon against recession.

Here's the problem if you keep raising tax rates: You slow down economic growth.

What Governor Romney is proposing is an across-the-board cut in marginal tax rates for households, every household in America by 20 percent. And we'll have to broaden the base to pay for that. Also, a very deep cut in the corporate rate.

The upshot of all this is that the next move in rates is still likely to be up, but not until the data give the go ahead.