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
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Reflections on Mass Flourishing: 10 Years Later
Nobel laureate Edmund Phelps reflects on his book, Mass Flourishing, ten years after publication.
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The Housing and Migration Crisis
Challenges to housing affordability have undermined economic mobility and dynamism.
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The New Supply Side Economics Can Revive Economic Growth
The regulatory low-hanging fruit in the U.S. today concerns deregulating work and housing markets.
