For example, most people agree that the U.S. tax code is less efficient and less equitable than it might be; moreover, the code is excessively complex and imposes heavy administrative and compliance costs. Collecting revenues through a more efficient, better-designed tax system could improve economic growth and make achieving sustainable fiscal policies at least somewhat easier.
Likewise, many federal spending programs doubtless could be reformed to achieve their stated objectives more effectively and at lower cost. Certainly, continued efforts to reduce health-care costs and government health spending, while continuing to ensure appropriate care for those who need it, should be a top priority. Failing to address our unsustainable fiscal situation exposes our country to serious economic costs and risks.