It is irresponsible insanity that we have allowed our current federal deficit to grow to around 10% of GDP, have allowed our government to budget for deficits in the trillion dollar range far into the future, have allowed unfunded federal liabilities to grow to over $100 trillion and have allowed our state and local governments to drift into equally irresponsible fiscal condition.
Despite all the attention to taxes in the press these days, fiscal problems as huge as we face simply can’t be fixed on the revenue side. Raising tax rates will only further weaken the economy and reduce actual tax receipts. We need Congress, state legislatures and local governments to all seriously address the cost side of the equation by eliminating at least 30% of existing government spending – across the board.
At the same time, we need to address the ever growing regulatory burdens in our country that are stifling creativity, job creation and productive economic activity. The ever growing morass of regulation is leaving our businesses uncompetitive in the global economy, while facing huge uncertainties and unable to respond effectively to domestic opportunities.
The good intentions of all kinds embedded in our current laws, programs and regulations are killing our economy and severely threatening the viability of our nation’s economic future.
Despite all the other challenges we face, we cannot afford any more idealistic good ideas from our leaders in government, at least not until we get our fiscal house in order. More than anything, we need to reduce the costs and damage created by all the idealistic good ideas that we are already stuck with.
We should only elect politicians willing to make a pledge to not create any new programs, create any new regulatory burdens or fund any new projects at all for the duration of their term. They should all spend their next terms focused entirely on eliminating and trimming existing unaffordable programs and regulations that we are already burdened with. By necessity that will involve making the hard unpopular cuts in politically untouchable programs like Medicare and Social Security, as well as completely eliminating vasts swaths of government activity.
We can’t leave our children with our inexcusable levels of government debt and regulation. We need to elect only politicians willing to make the hard and immediate cuts necessary to restore fiscal and economic responsibility to our government.