[iron81]

I was thinking of doing a thread on this, but this thread will work.

The correct answer is: not much. This is because society is organized around the existence of government. Just as one example, there are tens of millions of senior citizens who rely on Social Security and Medicare to survive. In a pure free market, they would have had to save to retire. But they didn't because they assumed the government would take care of them. There would be a dramatic increase in 90 year olds working if the government cut those programs.

There is a high implementation cost for privatising retirement funding and many other private solutions. Other examples include farm subsidies (rural communities), defense money (base towns) and education (college towns). If government spending were cut by 25% across the board with an accompanying cut in taxes, there would be a severe economic downturn.