America's Ticking Bankruptcy Bomb by Peter Ferrara

Author:Peter Ferrara
Language: eng
Format: epub
Publisher: HarperCollins

Chapter 7

The Prosperity of Freedom

Let’s Get America Booming Again

The foundation for averting the coming bankruptcy of America is to restore booming economic growth. Only such growth can produce the surging tax revenues to begin to close long-term deficits and sufficiently reduce government spending for essential assistance to those in need. Booming growth will also by itself reduce the national debt as a percent of GDP, because GDP will grow steadily larger over time relative to the debt. If budget surpluses result from the surging revenues and reductions in spending over time, debt as a percentage of GDP will decline that much faster.

We know how to create another twenty-five-year, generation-long economic boom. We did it the last time America got into trouble, in the 1970s, by following timeless principles of economics. Similar to the four planks of Reaganomics discussed in the previous chapter, the planks of this Let’s Get America Booming Again economic program are:

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