Wasteful spending will sink our country

With a budget deficit in 2017 of $666 billion, adding to the $21 trillion of debt already outstanding, $15 trillion of it owned to foreigners, time is long overdue to reduce federal government expenditures.  Congress has been unwilling to eliminate any wasteful program if a significant group of voters supports it.  And overspending on ongoing programs is the rule because of Congress's failure to exercise the required oversight. Two important economic laws, the Law of Diminishing Returns and the Law of Increasing Cost, apply to government spending.  According to the former, increasing expenditures in a government program will result in smaller and smaller increases in benefit per dollar expended.  Overspending on existing programs is probably the rule rather than the exception.  According to the latter law, increasing expenditures for government programs will increase the costs of producing goods and services in the private...(Read Full Post)