Jamie Dupree is fond of illustrating just how bad our budget situation is. We could eliminate every bit of discretionary spending in the federal budget and still be so deep in the tank we would not be able to see daylight ... and the spending is only going up. You could also levy a 99% income tax on every penny earned over $500,000 and all you would accomplish is to send waves of unbridled sensual joy through the hearts of the wealth envy crowd out there.
There is one way out of this ... one way short of government tyranny. We can grow the private sector economy. It was economic growth that wiped out much of our debt during the dot.com boom, and it will have to be economic growth again. The trouble is we now have an administration that only believes in growing government. Government doesn't produce wealth. Government seizes wealth. Growing government while damning the private sector only makes our problems worse. Now ... try to explain this to some government-educated young person who, like, voted, you know, for, like, change.