The problems are close to being unmanageable now. If we stay on the current path, they will wind up being completely unmanageable, culminating in an unwelcome explosion and crisis.By the way, did you know that we are currently giving several billion dollars a year to America's major banks? Not lending, giving.
The fixes are blindingly obvious. Economic theory, empirical studies and historical experience teach that the solutions are the lowest possible tax rates on the broadest base, sufficient to fund the necessary functions of government on balance over the business cycle; sound monetary policy; trade liberalization; spending control and entitlement reform; and regulatory, litigation and education reform. The need is clear. Why wait for disaster? The future is now.
How Big is the Current Fiscal Problem?
Five senior fellows at Stanford University's Hoover Institute answer the question: the problem is on the verge of becoming impossible.
By Grim on Monday, September 17, 2012