"However, there is an option that seems to be entirely ignored by mainstream policy wonks in these discussions of public finance. Instead of raising taxes, which will have its own devastating impact on the American economy, the federal government must begin to do what many private firms do when they find themselves in economic troubles. They can sell assets.
Doesn’t that make just the best of sense? If you have overspent but are still committed to spending more because of promises you have made – say, to send your kids to college, to pay for life, car and health insurance – you need to sell stuff. Get rid of your expensive home and buy something more modest; get rid of your gas-guzzler and henceforth drive an economy car. Sell that vacation or time-share condo, and quit that membership in the fitness or country club. This is a no-brainer for most of us.
Yet, in mainstream discussions of coping with the results of bad government economic policies no one seems to suggest that the time has come to sell off government assets."
Tibor Machan holds the Freedom Communications Professorship of Free Enterprise and Business Ethics at the Argyros School of Business & Economics, Chapman University, CA. A Research Fellow at the Hoover Institution, Stanford University
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