Whatever the outcome in November, our new president will be saddled with a tremendous economic mess.
The U.S. is drowning in debt. Entitlement spending is about to explode, including the costs of ObamaCare that were conveniently delayed until its namesake left office. The cost of servicing what will soon be a $20 trillion federal deficit is heading higher and consuming a larger percentage of government spending. The United States fiscal situation is on an unsustainable trajectory.
The situation, however, is not hopeless. There are steps a new president can take to improve the situation.
But there’s one thing he – or she – absolutely must deal with right away.
Right now, only a radical reprogramming will place the U.S. economy on a sufficiently productive path to pay its current and future obligations. Some may view the following proposals as extreme, but they are absolutely necessary. Whether they are feasible depends on whether we can summon the political and moral courage to enact them.
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