Our Fiscal Crisis: We Cannot Tax, Spend, and Borrow Enough to Substitute for Marriage
Henry Potrykus, Patrick Fagan, Robert Schwarzwalder
Government revenues come from the taxation of the economy. The slowdown of economic growth coupled with increasing dependency on entitlement and welfare programs makes closing the budget deficit impossible within the present welfare state model. The origin of these adverse pressures is the decline of the American family.
Spending on welfare and entitlement programs equals federal revenue now. Entitlement demand on a person basis will increase three percent per year as the baby boom ages and enters retirement.
Economic growth will average two percent per year or less, far below the needed three percent level.
The origin of the slowdown in growth is demographic and was set by the decline in families seen during the sexual revolution: the baby boom is being replaced by a generation inadequate in size and in skills, capacities and know-how to continue robust economic growth.
The solution to our economic difficulties is to grow intact married families rather than grow government.