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Only a simplified, pro-growth tax code, coupled with SocialSecurity and Medicare systems that allow citizens to fund their ownretirement and health care, can solve the true budget crisis thatthe U.S. government faces. Attaching fundamental tax reform toimpending budget deficits and failing to fix these entitlementprograms would nullify the long-run benefits of tax reform.
As the European Union's largest trading partner, with a bilateral trade and investment relationship valued at almost $3 billion dollars per day, America has enormous interests in Europe'seconomies. Public confidence in the EU is low, with low levels ofsupport among British businesses for the direction proposed in theEuropean Constitution.
As early as 1950, Ronald Reagan was committed to ending the ColdWar and liberating the captive nations. In 1980, there were 56democracies; by 1994, there were 114. With confidence and a can-doattitude, Ronald Reagan had set out to right the evil of SovietCommunism, and the Cold War ended in victory, with not a missilefired.
If Social Security personal retirement accounts had been availableto baby boomers, they would have substantially increased the babyboomers' net worth, especially among low-wealth families.Additionally, the gain in retirement security would be between$41,000 and $214,000 at age 65, in inflation-adjusted 2001 dollars.
The lack of clarity and cultural consensus about the decline ofAmerican marriage is dangerous. Erasing the bond between marriageand child rearing leads to a weakening of our country's ability tocarry out its promise: its promise of fairness, equality,opportunity, and prosperity. Instead, the result is separate andunequal families as far as the eye can see.