As I have been saying the solutions are there to bring our country back to strength. One of them is reforming the tax code into a national sales tax called here Value Added Tax. Major economists have all told the government how fair this is, and how much more the government would bring in. The issue, no one at the political level wants to lead on this one. As always, lack of leadership.
Does The U.S. Really Have A Fiscal Crisis?
By Simon Johnson, The Baseline Scenario, 24 February 2011
The United States faces some serious medium-term fiscal issues, but by any standard measure it does not face an immediate fiscal crisis. Overindebted countries typically have a hard time financing themselves when the world becomes riskier – yet turmoil in the Middle East is pushing down the interest rates on US government debt. We are still seen as a safe haven.