Does America's economic salvation depends upon setting priorities right?

[M Javed Iqbal]

Gone are the good old days of monopoly and oligopoly. Competition is tough and overwhelming. A Chinese manufacturer does not have to pay any interest on his borrowings and pays far lower wages to his workers. American manufacturer on the other hand has to pay higher wages and far more taxes to government at the end of day. If tax on manufacturers is reduced, government will be unable to collect enough taxes to pay for expensive space research, two three wars, here and there and further work on satellite missile technology. And as happened this year will have to borrow colossal sums, like one Trillion US dollars. The interest on this enormous sum will wipe out all Revenue receipts.
Therefore, lowering expenses on defense, space research and peace abroad, if only temporarily will be proper priorities for the Federal Government.
Or if you have a better alternative, kindly let us have the benefit of your research!