Our federal government is a big part of commerce. Each year the Fed spends billions of dollars with private contractors on everything from national defense to building highways and bridges. Those who seek to increase government spending may label it “investment”, but when does that “investment” reach the point of diminishing returns to the taxpayer?
Intelligent, reasonable Americans have been telling us for years that the U.S. cannot sustain ever-increasing budget deficits and mounting debt. But because there has been no major economic meltdown related to the deficits and debt, our politicians have not responded in a meaningful way.
Our elected officials of all political stripes must come to the realization that a “melt down” is not in our national interest and could be extremely harmful to many Americans. They need to take action sooner, not later.
First step, serious treatment of entitlements and slow the rate of spending increase.
After that, let’s tackle the tax code again, with an eye toward fairness and shared burden.
Our thought for today is from William H. Borah:
“That marvel of all history is the patience with which men and women submit to burdens unnecessarily laid upon them by their governments.”