4 ways to eliminate the current US economic problems:
1) Term Limits for all Polical Offices. 1 SIX year Term per office. Thats all.
2) You Cannot run for another publin office WHILE YOU ARE IN PUBLIC OFFICE, you need to resign if you want to do that.
3) Set up the "flat tax" or "fair tax". Abolish the IRS as it stands. Keep part of it as a complience monitoring Department for the flat tax. That will bring the underground economy (illegal workers, criminal element & shadow economy (sex workers. bookies, dealers, tax evaders etc) onto the public tax rolls, and make things easier for business and commerce. Offer re-training in alternate energy and IT industries for displace IRS workers and CPAs.
4) Balance the budget. State by state and at the federal level too. Make it illegal for a federal, state or local government to run a deficit.
Sounds good I would add that all retirement plans be switched to a defined plan, not the lifetime benefits the government workers get now. The only ones to get a pension in my view would be military personal, they earn it.
No more private funding for politicians running for office or lobbying dollars while they are in office. If caught accepting any money it is punishable by a jail term and 10 times the amount of money received by the lobbyist or donor, said donor or lobbyist can be prosecuted as well. Instead campaigns would be funded by equal opportunity in media outlets to all candidates by tax revenues.
Change drug laws where marijuana is legal and all hard drugs are misdemeanors punishable by fines. Drug war is not working the same way that prohibition doesn't work. All you do is create more crime. Let citizens do what they wish but if they harm someone else doing it increase the penalties and jail terms for them. Same for prostitution, legalize it then tax it.
All 4 of these are good, I would also do something to curtail politicians golden retirement plans. Not sure if it's a big drain on the economy, but it's not right. Too much like creating a retired aristocracy.