Do we really want an economic boom — enough to do what it takes to produce one?
Sure we do (we say).
We don’t like the fact that we are in an economic crisis, with high unemployment, that could get worse.
Then hadn’t we better begin doing more of the things that history has proved produce economic “good times”?
When did you ever see “high taxes” produce a booming economy? So wouldn’t cutting taxes be a big impetus to economic expansion and recovery?
Oh, but we are currently running big federal government deficits — $1.5 trillion a year! So if we cut taxes, wouldn’t we have bigger deficits?
We would — unless we cut unnecessary government spending and used the freed-up tax-cut money to expand our economy and to produce more really productive jobs as well as goods and services that people want to buy. That would grow tax revenue while keeping tax rates low.
We need to be more productive, and we need to cut taxes to leave more money in our productive people’s hands for free-enterprise activities to produce more good jobs and good paychecks.
But instead, we have a federal budget of $3.8 trillion, that runs $1.5 trillion in the red despite too-high taxes. That adds to our $13 trillion national debt, on which we are taxed to pay hundreds of billions of dollars just in interest each year.
Is that a formula for prosperity?
Government is necessary. It is vital to do many things. Read the Constitution to see what they are. But what if we then required government to quit doing all of the things that are not listed in the Constitution as government’s job?
What if we really turned free enterprisers loose — with our people retaining enough of their own earnings to invest in free enterprise?
What an economic boom that would produce!
And with economic boom instead of recession, lower taxes could provide enough money to finance constitutionally limited government — in the black. Wouldn’t that make sense? It used to work when we tried it. But we haven’t tried it lately. We have had serious debt and other economic troubles because we have defied the Constitution and experience.
Do you wonder why we don’t cut government spending, cut government taxes and turn free enterprisers loose to generate more jobs, to make all of us better off? We could pay lower taxes, with government collecting more money on a bigger economic base. We could finance government, balance budgets, reduce debt and interest, and produce more jobs.
We all know we can’t defy gravity without certain consequences. So why do we try to defy economic gravity?