The Presidential Solution to Taming the Growing Federal Debt
Only presidential power can tame America's massive federal debt.
If compound interest is the most powerful force in the universe, America is on the wrong side of it. At more than $36 trillion, the federal debt is high and growing faster than we can afford.
Interest alone will cost $1.2 trillion this year, adding substantially more to the debt. Unaddressed, this escalating debt spiral threatens both the financial system and basic government services that millions of Americans rely on.
The crisis stems from congressional incentives, which are no longer balanced by healthy checks from other branches.
Currently, congressional incentives are all geared for immediate local spending and not for long-term national health. Representatives are elected to represent local constituents, not national interest. With hundreds of lawmakers involved, no one can be held accountable for spending. And their short, two-year terms encourage immediate spending over long-term sustainability. Their incentives virtually guarantee budget failure.
Economic Dynamism
Dynamism and Stagnation: An Outlook
Flexibility and responsiveness are particularly important during periods of shock.
Recent Patterns of New Business Creation
The pandemic surge of new business entries highlights American entrepreneurial dynamism.
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These Mayors Understand How to Run a City
Armed with common sense policies, three urban leaders are fighting a patient battle against chaos.
Saving Free Markets in America
American markets are under siege by interventionists on both the left and the right.
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The Path Dependency of American Health Care
Health care policies promote the chance to acquire winning lottery tickets, offering greater health care services and product availability (subsidized by third parties) rather than better assurances of those resources being delivered and used more productively.
Should We Believe the Economic Data or Americans’ “Lyin’” Eyes? The Answer Is Yes.
Many Americans are convinced that the economy is ailing and that life is financially tougher today than a decade—or a generation—ago.
