The conventional wisdom in Washington is that Americans will need to sacrifice to balance the budget. However, fiscal discipline does not equal economic hardship. The Republican plan to balance the budget by reducing spending and cutting taxes is a recipe for expanded economic growth.
Economic growth is the answer to many ills of society.
Faster economic growth will allow companies to better compensate workers, government to more rapidly balance the budget, and citizens to more easily provide for healthy families and cleaner neighborhoods. However, increased economic growth requires a change in the Washington mind set. Too many in government are satisfied with economic growth in the range of 2 percent a year. Historically, we have been able to do much better. Real GDP grew 3.7 percent between 1946 and 1973.