Sukses Main Mahjong Ways Best808 Pahami Scatter dan Kombinasinya Mahjong Ways Best808 Simbol Scatter Meningkatkan Peluang Menang Kesalahan Umum Pemain Mahjong Ways di Best808 Auto Jackpot Strategi Terbaik Fitur Scatter Mahjong Ways Best808 Mahjong Ways Best808 Panduan Scatter Wild Hasil Maksimal Pola Mahjong Ways Best808 Gacor Scatter Menang Bongkar Misteri Mahjong Ways Best808 Kunci Kemenanganmu Mau Cuan Maksimal di Mahjong Ways Best808 Trik Menggunakan Scatter Agar Lebih Untung Main Mahjong Ways di Best808 Kenali Pola Scatter Free Spin Gandakan Kemenanganmu Rahasia Scatter Mahjong Ways Best808 Strategi Jitu Menang Jackpot Besar Misteri Scatter Mahjong Ways Tol777 Kunci Jackpot Besar Bongkar Rahasia Mahjong Ways Tol777 Fitur Scatter Pola Menang Mahjong Ways Tol777 Simbol Scatter Kemenangan Besar Main Mahjong Ways di Tol777 Cara Memanfaatkan Scatter Strategi Mahjong Ways Tol777 Rahasia Scatter Trik Menang Jackpot Analisis Pola Permainan Mahjong Ways Keunggulan Mahjong Ways Tol777 vs Tradisional Kombinasi Simbol Tertinggi Mahjong Ways Langkah Meningkatkan Keahlian Mahjong Ways Mahjong Ways Tol777 Berbeda dari Permainan Mengapa Mahjong Ways Tol777 Diminati Dunia Optimalkan Putaran Mahjong Ways Tol777 Sejarah Mahjong Ways Tol777 dan Keunikan Simbol Mahjong Ways Tol777 dan Pemanfaatannya Strategi Lanjutan Mahjong Ways Tol777 Live RTP Dan Kasino Online Live RTP Dan Kasino Online Live RTP Dan Kasino Online Live RTP Dan Kasino Online Live RTP Dan Kasino Online Live RTP Dan Kasino Online Live RTP Dan Kasino Online Live RTP Dan Kasino Online Live RTP Dan Kasino Online Live RTP Dan Kasino Online Cara Cepat Kuasai Mahjong Ways Tol777 Mengapa Mahjong Ways Tol777 Populer Mitos & Fakta Mahjong Ways Tol777 Strategi Pemula vs Pro Mahjong Ways Teknik Profesional Mahjong Ways Tol777 Mahjong Ways Tol777: Keberuntungan atau Skill? Mahjong Ways Tol777: Tradisi dan Inovasi Panduan Mahjong Ways Tol777 untuk Pemula Rahasia Menang Mahjong Ways Tol777 Tips Efektif Main Mahjong Ways Tol777 Kasino Online Kasino Online Kasino Online Kasino Online Kasino Online Kasino Online Kasino Online Kasino Online Kasino Online Kasino Online main mahjong ways di malam hari jackpot profit mengamati permainan mahjong ways dengan baik dan benar merasa bosan pada malam hari? coba cara bermain mahjong ways ini minum kopi memotivasi bermain mahjong ways nelayan tebing tinggi pola mahjong ways hasil mencengangkan pelajar bandung download mahjong ways peluang besar trik dan pola mahjong ways pemuda belanda tato mahjong ways mengenang jackpot satu miliar pola rtp mahjong ways terbaik resep bermain mahjong ways dengan mudah slot mahjong ways dikenal sejak abad ke-11 hingga zaman milenial video mahjong ways viral menghebohkan warga indonesia warga jayamakmur dulu diremehkan, bermain mahjong ways hidup berlimpah harta unik keren bali cendera mata mahjong ways rp100000 warga bingung merek cat dinding sama mahjong ways RTP LIVE RTP LIVE RTP LIVE RTP LIVE RTP LIVE RTP LIVE RTP LIVE RTP LIVE RTP LIVE RTP LIVE RTP Live Mesin Gachor RTP Live Mesin Gachor RTP Live Mesin Gachor RTP Live Mesin Gachor RTP Live Mesin Gachor RTP Live Mesin Gachor RTP Live Mesin Gachor RTP Live Mesin Gachor RTP Live Mesin Gachor RTP Live Mesin Gachor Mesin RTP Live SEO Kacau Mesin RTP Live SEO Kacau Mesin RTP Live SEO Kacau Mesin RTP Live SEO Kacau Mesin RTP Live SEO Kacau Mesin RTP Live SEO Kacau Mesin RTP Live SEO Kacau Mesin RTP Live SEO Kacau Mesin RTP Live SEO Kacau Mesin RTP Live SEO Kacau

Fiscal mess deeper than ‘cliff’

To paraphrase Samuel Johnson, nothing focuses the mind like a crisis. And, perhaps that is why the political class continually manufactures fiscal crises. The manufactured crises can be used to focus the collective political mind and help solve the underlying fiscal problem.

The fiscal cliff – the tax increases and indiscriminate budget cuts that, without action, will become official policy on Jan. 1, 2013 – is most appropriately viewed as the latest installment in this long list of manufactured fiscal crises.

The underlying fiscal problem is that the federal government continues to spend too much money today; is promising to spend even more money that it simply does not have tomorrow; and has created a tax system that is costly, complex and anti-competitive.

Over the past 50 years, the federal government has spent $113 for every $100 in tax revenues. Over time, these cumulative budget deficits have created our $16 trillion federal debt, which is now the size of our entire economy.

A $16 trillion debt, on a per capita basis, implies that every man, woman and child in the U.S. now owes over $52,000. And, the $16 trillion is the debt that we acknowledge.

The actual federal debt is much higher. Most of the Social Security, Medicare, and other federal benefits promised to retiring Americans are not funded. There is no savings account somewhere in Washington, D.C. that the Treasury will access to pay for the future benefits. Tomorrow’s benefits can only be financed by taxing the income of tomorrow’s workers.

The unfunded (and unaccounted) debt of the U.S. government is estimated to exceed $100 trillion.

And, this debt is in addition to the $16 trillion debt from our past spending binges that we are acknowledging. For those who keep track, unless entitlement changes are made, every man, woman and child will owe $373,000. A family of four would owe $1.5 million.

The federal tax system is just as problematic. The federal tax system is complex and filled with special interest carve outs that rewards political influence over market acumen. It is also costly for taxpayers to comply with the tax code. A study I co-authored with Arthur Laffer and John Childs estimated that for every $100 in taxes paid to the federal government, taxpayers must spend an additional $30 to comply with the tax system. In other words, taxpayers spend $130 to give the government $100. Additionally, the U.S. levies a corporate income tax rate that is higher and more burdensome than all of our major trading partners.

The combination of these trends has put the U.S. on an unsustainable fiscal path. Fiscal cliffs, debt ceilings, and other crises de jour will continue – and worsen – until the long-term fiscal soundness of the federal budget is restored.

The reforms that will put the U.S. on a sustainable fiscal path include: spending restraint that constrains the size and growth of the federal budget to an affordable level; entitlement reform that limits the uncontrolled growth in these programs; and, a pro-growth tax reform that raises the necessary revenue for the government while minimizing the tax distortions and costs on the economy.

Unfortunately, the fiscal cliff does not appear to be focusing the collective political mind enough. President Obama has stated that he will not allow the fiscal cliff to be resolved unless the tax rates for the top income earners are allowed to rise. As if the additional $82 billion a year in tax revenues from raising the top rate will materially change the country’s fiscal crisis. The indiscriminate budget cuts and tax increases that define the fi? to the economy.

However, longer-term imbalances are even a larger problem. The fiscal cliff created an opportunity to fix this longer-term imbalance. But is only an opportunity if the politicians don’t let this crisis go to waste.

Nothing contained in this blog is to be construed as necessarily reflecting the views of the Pacific Research Institute or as an attempt to thwart or aid the passage of any legislation.

Scroll to Top