FOUR PILLARS OF AMERICAN PROSPERITY
April 12, 2007
To restore accountable and effective leadership to America, government needs to run more like a business, says Rudy Giuliani, former Mayor of New York City and currently a candidate for the Republican nomination for President of United States.
Fiscally conservative governance was at the foundation of New York City's resurgence, he says. Now Washington needs a more accountable government based on "the four pillars of prosperity" for sustained economic growth:
- Reduced spending growth -- controlling spending makes government more efficient and more effective in achieving its core responsibilities; the government's fundamental functions must be improved, but it must govern better while spending less.
- Lower tax rates -- Americans face a monster tax increase because of "bracket creep," the alternative minimum tax and the expiration of the 2001 and 2003 tax cuts; taxpayers deserve the lowest possible tax rates, simplification and certainty about what those rates are likely to be -- not the gimmicks and tricks Congress imposes.
- Regulatory reform -- the United States is being hurt by heavy-handed regulators, laws such as Sarbanes-Oxley and an environment of hyper-litigation and shareholder lawsuits that can be poisonous to the private sector; when regulation becomes too burdensome, it hurts the competitiveness of American businesses.
- Sound monetary policy -- mainly a Federal Reserve Board that understands stable, low inflation is an input -- not an impediment -- to durable economic expansion and stronger economic growth.
When economic policies are built on the four pillars of prosperity, economic growth, upward mobility and more efficient government are the result, says Giuliani. Good business leaders always look for ways to cut costs and improve the delivery of services. Government should apply the same principles by measuring the real value of our investments.
Source: Rudy Giuliani, "My four pillars of American prosperity," Townhall.com, April 11, 2007.
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