Наши принципы

The foundations of economic freedom are personal choice, voluntary exchange, and open markets. As Adam Smith, F. A. Hayek, and Milton Friedman stressed, freedom of exchange and minimally regulated markets provide the fuel for economic progress. Without exchange and entrepreneurial activity that is coordinated through markets rather than by governments, modern living standards would be impossible. Cato scholars explore policy reforms that could increase growth by strengthening property rights and the rule of law, safeguarding the value of money, reducing excessive taxes and regulations, scaling back government interference with trade and immigration, and reducing federal spending on programs that harm economic productivity.

AT A GLANCE

While there is substantial uncertainty regarding the future path of interest rates and when, precisely, a fiscal crisis might occur, there is a strong case for taking action today to avert the possibility down the road. A deficit reduction program implemented today would not only provide insurance against a fiscal crisis or reduce the prospects of debt weighing on economic growth, but it would also avoid the clear pitfalls of developing policy in the heat of a crisis.

In an ideal world, a deficit reduction package would entail forward‐​looking reforms to age‐​related entitlement programs, elimination of wasteful or economically harmful government programs, and pro‐​growth tax and regulatory reforms to ease the burden of the fiscal adjustment. Unfortunately, such a comprehensive package looks politically unlikely any time soon. At the very least, policymakers should work to identify spending cuts that make economic sense or to develop a fiscal resolution plan (or “living will”) that could form the basis of negotiations for deficit reduction should a crisis occur.