This week’s Economist warns that America could have the infrastructure of a third world country within a few decades if does not change course quickly.
Thomas Friedman wrote in the New York Times that America, more than Iraq or Afghanistan, is in need of a better-functioning democracy that can work to solve the big issues.
Each year, the federal government collects 2 TRILLION dollars in taxes. State and local taxes push the total amount of taxes collected even higher. Sadly, while infrastructure crumbles and the economy goes to the pits, the government wastes billions of dollars on useless projects and subsidies—and spends far more than the two trillion it takes in.
This situation is not wholly unique to America. The UK sends a ridiculous amount to the EU each year and gets little in return. Meanwhile, consumer confidence is at a 26 year low and housing prices have fallen for the ninth consecutive month.
What should the government do? 1) Focus spending where it is absolutely necessary. 2) Eliminate wasteful spending. 3) Get rid of useless subsidies and entitlements. 4) Get rid of protectionist regulations and tariffs. 4) Lower taxes.
