U.S. Economy

Transfer spending is the Godzilla that threatens to consume New York, Tokyo, Berlin, and nearly every other city on the planet.

No, the bill can't be paid and won't be paid. That much should be obvious. But denying the obvious is a mental trait built into the structure of the system. The economic crisis of 2008 was really just the realization that the consumer-debt load at the time was unsustainable.

A credit default is not unprecedented. One occurred as early as 1777 and another as late as 1979.

If Congress passed legislation that systematically reduced the debt ceiling over time, the economy could be rebuilt on a solid foundation.

The high duties which the war caused to be imposed, at first regarded as temporary, were retained, increased, and systematized.

Puritan settlers in New England, previous to Williams' influence, were effectively unanimous in their opposition to market economics.

Delivered at the Mises Institute on 24 June 2011.

If the government merely returned to its 2003 spending levels, then the current revenue stream would be enough to pay for everything.