The price of oil is around $110 a barrel. This with nearly 9% unemployment, anemic consumer spending and less-than-robust growth in the United States and European Union. Even China and India’s economic juggernauts are beginning to decelerate. It’s time to think about the inevitable future. And I think things are going to get better. We’re in the early stages — leaders are starting to put forth serious, detailed plans to significantly reduce federal outlays, including a complete overhaul of Medicare and Social Security. I think… Read More
The price of oil is around $110 a barrel. This with nearly 9% unemployment, anemic consumer spending and less-than-robust growth in the United States and European Union. Even China and India’s economic juggernauts are beginning to decelerate. It’s time to think about the inevitable future. And I think things are going to get better. We’re in the early stages — leaders are starting to put forth serious, detailed plans to significantly reduce federal outlays, including a complete overhaul of Medicare and Social Security. I think we’ll see a balanced budget before the end of the decade, as well as an honest-to-goodness budget surplus. I predict that Washington’s spending, currently around 25% of GDP, will fall dramatically in the coming years as these events unfold. When that occurs — notice I’m not hedging my bets here with conditional language like “if” — two things will result: 1. Businesses will be created as the nation’s entrepreneurs begin to feel more optimistic about the long-term future and more comfortable taking risks. We’ll see this in… Read More