[ExI] The Singularity, Politicians and the Great Debt

[Dennis May]

Kelly Anderson wrote: 

> It is clear to me that the debt being incurred by the United States
> can not be paid off by a natural historical growth curve in the
> economy...do you think they are really just as stupid as they look?

There were long stretches of growth in the 6%-8% range per year
in the United States and Scotland in the 1800's during a time of 
generally greater economic freedom.  It is my view that such growth
rates are the norm in a free market - anything less is the sign of
government interference in markets.

The United States could fix its economic problems but I see no
evidence of the political will to do.  A great deal of the debt
could be relieved simply by selling off assets held by the
federal government for no good reason - same with many states.

Investment will remain on the sidelines until there is a change
of administration.  A great number of problems will need to be
addressed and hard political problems confronted if there is
going to be any kind of economic recovery any time soon.
Vested interests will fight reform so there is likely little
chance of recovery before a severe collapse.

If there were a 100 year tax holiday on the industrialization
of space I believe a growth rate faster than seen in the
old West would be possible.  Much of that growth would
involve automation, AI, and remote processing which can
bring untold wealth.  That kind of wealth can fund human
betterment in many directions.

I don't view those ruining global finances as stupid.  Many
have political goals and political investments which are
irreconcilable with freedom and growth.  Their personal
power comes at the expense of everyone else.  Instead of
everyones standard of living rising only the connected
and corrupt are likely to do well.

Dennis May
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