What’s wrong with the US economy?
Insuranceguru September 16, 2011
I am far from being any sort of economic authority. I have owned and managed businesses all my life. I always have lived within my means, never purchasing more than I can afford. My credit card debt has always been little or none.
The economic disaster that this country is going through frustrates and infuriates me. Spending more then you have has and always will be a recipe for disaster. Cutting spending without a plan to pay off current debt only brings on more debt. Entitlement programs, while needed for the poor and needy, is abused and bureaucratic red tape spends more of the money managing the program than actually providing the funds to the people that truly need it.
I have a recipe to bring in the needed funds to secure the future for the US Economy. Do away with the current income tax. No more Internal Revenue Service. Institute a flat tax on all purchases, period. The more you spend , the more you pay. The rich will be equally taxed, as would the poor and middle class. The economy would take a huge and immediate influx of needed capital and the government would see probably an increase in tax revenue.
Stay tuned for my next blog post on how businesses are taxed.
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