Current railway problems

If, as a consequence of our current economic problems, American citizens begin to save more and spend less, we ought to welcome and encourage this change. We should go further and remove the bias in our tax code against savingБЂ”in effect moving toward a tax code based on consumption rather than income. The system we have today taxes the return on savings, giving incentives to spend rather than to save. Moving to a consumption tax would remove the bias against saving and help boost investment and job creation while reducing our dependence on foreign capital. Our government needs to tackle its number one economic challenge, which is reducing its fiscal deficit. Our ability to meet this challenge will to a large extent determine our future economic success. We are now on a path where deficits will rise to a point at which we may simply be unable to raise the necessary revenues even if significant tax increases are imposed on the middle class. Dealing with this problem requires moving quickly to reform our major entitlement programs: Medicare, Medicaid, and Social Security ...»