The economic rhetoric we hear from politicians these days is little more than disingenuous magical thinking that will do little to resolve the nation's financial ills. Since Americans vote for an ever-larger government that provides so many services, Americans should be willing to pay for those services.
Common sense tells us that if government's income is less than its outgo, the national debt will continue to grow. Our tax structure should be made variable so it can automatically adjust to cover each yearly budget plus ten percent so we can begin to reduce the national debt.
Scrapping the present tax code and replacing it with a variable national sales tax is one possibility.
If voters were made to actually pay for the cost of government in real time as opposed to passing the cost to future generations, the magical thinking would go away in a hurry.
Submitted by Virtual Newsroom