101 Thoughts on America’s Economy
by Gary North
1. The crucial objective factor promoting economic growth in a private property social order is per capita investment.
2. Americans save less than 5% of household income.
3. The Federal Reserve System runs the show economically; Congress doesn’t.
4. Here is the supreme symbol of the chain of command: Congress will not audit the Federal Reserve.
5. The politics of delay is the supreme mark of today’s political order.
6. The Medicare budget is the single most important source of the Federal deficit, long-term.
7. Social Security is in second place.
8. Congress will eventually have to cut the benefits promised to oldsters in order to delay outright bankruptcy.
9. Congress will not cut the budgets of Social Security and Medicare in one fell swoop.
10. Oldsters vote at a higher percentage than any other age group.
11. The oldsters’ lobbies are greatly feared on Capitol Hill – probably more feared than any other.
12. The oldsters vote as a monolithic bloc on the twin issues of Social Security and Medicare.
13. Congress knows that these twin issues are the third rail of American politics. He who touches it dies.