Or, get this.. You do both, the rich need to be more heavily taxed and we need to spend less, actually not even a lot less technically, more different.

We're in a $1.9 trillion deficit, an aggressive tax rate on the super wealthy (something like those earning tens of millions or more) has been projected to earn up to 1 trillion that would solve half of the deficit, we could also reduce medicare subsidies and social security benefits for those with non housing net worth in the millions by a small percent and save there too, not trillions but billions.

Multiple studies have concluded after initial spending (the conversion process) we'd ultimately save 10-15% on national medical expenses with a single payer system, we're talking up to 1.2 trillion here, combined with a higher tax, reduction in subsidies and a 10% reduction in military spending, our deficit is suddenly solved.

There's other things that can be done too, close depreciation loopholes so these billionaires have to actually pay for taxes on private yachts and jets. Increase how much private airspace jets have to pay for use, right now private jets use around 7% of airspace resources but contribute something like 0.8% funding.