American leftists like to chide fiscal conservatives for fretting about high tax rates, but economists now note that some high-tax European states are approaching the peak of the Laffer curve, the point at which raising tax rates fails to raise additional revenues.
The traumatic experience convinced many Americans to think of the government as their benevolent caretaker.
Worse, long after the crisis had passed, the checks kept coming to Americans who were not impoverished.
There are fewer alternatives to reduced spending than ever available Tax increases are politically unpopular and often don't produce the hoped for outcomes because they reduce productivity.
European countries have about 50% higher tax revenues than America, yet their real GDP per capita is lower, even factoring in the government services and subsidies they receive.
The higher cost of debt financing will inevitably impair the ability of succeeding generations, already tapped out, to shoulder the burden of our selfish spending.
Scores of scholarly papers have been written on how to reduce government waste, how to expedite permitting and how to recover Covid over-payments, All to no avail.
https://www.frontpagemag.com/americans-blissfully-drift-toward-financial-collapse/
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