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Is This the Best Government Reform Advice Trump Can Get?

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donald-trumpDonald Trump’s team would be smart to listen to my friend and Cato Institute director of tax policy studies, Chris Edwards when it comes to ways to privatize and reform government. Here’s the executive summary of a paper Chris has written on how to downsize government the right way.

The American economy is sluggish, the government is running large deficits, and the public is frustrated with the poor performance of federal bureaucracies. One reform that can tackle all of these problems is privatizing federal businesses and assets. This study discusses a dozen advantages of privatization and describes government activities that should be moved to the private sector.

A privatization revolution has swept the world since the 1980s. Following the United Kingdom’s lead, governments in more than 100 countries have transferred thousands of state-owned businesses to the private sector. Railroads, airports, energy companies, postal services, and other businesses valued at more than $3 trillion have been privatized. Governments of both the political right and left have unloaded state-owned businesses.

Despite the global success of privatization, reforms have largely bypassed our own federal government. Indeed, many activities that have been transferred to the private sector abroad remain in government hands in this country. That creates an opportunity for U.S. policymakers to learn from foreign privatization and enact proven reforms here.

This study describes why the federal government should privatize the U.S. Postal Service, Amtrak, the Tennessee Valley Authority, the air traffic control system, lands, buildings, and other businesses and assets. Such reforms would increase efficiency, spur innovation, create greater transparency, and improve the environment.

Privatization would allow entrepreneurs to take on challenges at which federal bureaucracies are failing. The United States is a land of huge talent and diversity. But to take full advantage of those assets, we should divest the government of activities that individuals and businesses can perform better by themselves.

Cutting Wasteful Spending in the Trump Administration

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.

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