The tenth amendment said the federal government is supposed to only have powers that were explicitly given in the Constitution. I think the federal government's gone way beyond that. The Constitution never said that you could have a Federal Reserve that would have $2.8 trillion in assets. We've gotten out of control.
The Fed should make a clear commitment to stable money to reduce the swings in interest rates and inflation. Instead, it champions and flaunts unstable money. This encourages momentum trading and the growth of derivatives. Meanwhile, layers of financial regulation make Washington bigger and more powerful but don't fix the underlying problems.
People's jobs are the biggest asset that they have. The net present value of your job is worth more than your house or your stock portfolio. As people decide whether they're going to buy a car, they're more concerned about whether they have a job and are likely to have a job next year.
To win elections, politicians have promised practically endless government spending and covered up the cost, leaving generations of taxpayers obligated to pay off the debt. That's wrong, but neither the U.S. nor Europe has a plan to stop it.
Already we're seeing graduates of U.S. higher education going back to their home countries and contributing to societies there, where in the past they would have stayed in the U.S. and built new companies here. We have to have immigration reform that allows talented foreigners to become Americans.
While Washington pays lip service to the challenges facing small businesses, it repeatedly chooses its own expansion over results. In effect, government has become a huge silent partner in all businesses, often taking a majority of the profits and forcing many unprofitable business decisions without the risk that it will be fired.