America’s debt problem cannot be solved by federal budget cuts alone. It can’t be solved by great and inspiring speeches. And it won’t be solved by doing nothing.
The meager 1.9% economic growth of the past eight years was too low to either boost the private sector or to keep up with ever-growing federal spending. This isn’t rocket science: private sector economic growth increases the circulation of money in the economy, increasing tax dollars received by the government, thus helping the government pay its bills. To spur growth, the best thing the government can do is step away, reduce stifling industry regulations, and level the playing field for taxpayers at all levels.
So far we’re getting mostly promises and posturing from our leaders in Washington, but at least they’re starting the right conversation. While there’s no predicting when (or if) Congress will finally act, doing so could simultaneously ebb our debt crisis and create sustaining economic growth, lifting incomes in the private sector and government coffers.
In our white paper, “Tax Cuts Equals Growth … and We Need Growth,” we explain:
- how low-tax, low-regulation, pro-growth tax policies have benefited America in the past,
- how a return to these time-tested, common-sense economic policies can lift all boats once again, and
- how this will protect against stagnation and naturally reduce federal debt.
By lifting the tax shackles on all Americans, corporations will create more jobs and would-be small business owners will exercise the entrepreneurial spirit that once made America the greatest economy on earth.
It’s time that Washington re-embrace common sense economics. Understanding how those policies work and how they can work in our favor once again is a good start.
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