Ron Meyer, program officer for Young America's Foundation, says Americans are in danger of becoming slaves to the federal government.
“By 2020, the interest payments alone on national debt will equal approximately $5,500 per taxpayer,” Meyer writes in the Christian Science Monitor. “Americans may never again face kings or slave drivers, but in our not-so-distant future we face fiscal enslavement to our government.”
“As annual interest payments on this debt increase, the less our government can do for us (through services) and the more we have to do for the government (through taxes),” Meyer notes.
To create jobs and cut the deficit, Washington should do what worked for Reagan: Cut taxes for employers and trim domestic entitlements and defense spending, says Meyer.
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"America’s leaders can choose to follow Hoover and Europe into an economic abyss, or they can find the youthful courage to buck conventional thought and embrace what’s worked for the last 100 years," he says.
Ross DeVol, executive director of economic research at the Milken Institute, says the single most important thing the U.S. can do to jump-start job creation is to reduce the corporate tax rate to 23 percent, a 12-percentage-point reduction from the current 35 percent rate.
“My recommendation is based on recognizing that our jobs challenge is structural in nature,” DeVol writes in The Atlantic. “We must devote our efforts to devising long-term, non-cyclical fixes.”
“Globalization has forever changed the international competitive landscape. Cross-border transactions, from trade to foreign direct investment and portfolio investment, are now the norm. Given these developments, the United States must re-evaluate its policies relative to other nations on a regular basis. We are well behind the curve.”
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