The Presidential Solution to Taming the Growing Federal Debt
Only presidential power can tame America's massive federal debt.
If compound interest is the most powerful force in the universe, America is on the wrong side of it. At more than $36 trillion, the federal debt is high and growing faster than we can afford.
Interest alone will cost $1.2 trillion this year, adding substantially more to the debt. Unaddressed, this escalating debt spiral threatens both the financial system and basic government services that millions of Americans rely on.
The crisis stems from congressional incentives, which are no longer balanced by healthy checks from other branches.
Currently, congressional incentives are all geared for immediate local spending and not for long-term national health. Representatives are elected to represent local constituents, not national interest. With hundreds of lawmakers involved, no one can be held accountable for spending. And their short, two-year terms encourage immediate spending over long-term sustainability. Their incentives virtually guarantee budget failure.
Economic Dynamism
The Price of Stagnation: Britain’s Retreat from Dynamism
We face a basic issue: we do not let cities or communities grow or die.
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London and the Architecture of Creative Growth
Preserving London's creative dynamism will require humility from policymakers and a commitment to keeping the city liveable.
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Washington’s Housing Fix Isn’t a Fix
Empower markets over bureaucrats. Allow private capital to flow. And most importantly, let builders build.
The Economist Who Knew Too Much
Peru’s situation highlights a broader lesson: development rarely turns on electing the “right guy” alone; it depends on whether a country is willing to adopt the institutions that make prosperity possible.
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