I think it would be great if the government had less intrusion into the lives of American citizens. And it's not the people like you that necessitate all of the programs, spending, and legislation - it's the people that are inable, for whatever reason to take care of themselves.
I agree with you that the system has major flaws from congressman with personal agendas to a deficit that will never be mastered, but I think overall we are better for it. Simply put, I think the key problem with your notion is the small percentage (say 5%) of the population that would be at a loss without government taxation, restrictions, guidelines, etc.
Another issue is where to draw the line. That's a really hard give and take.
To me there is the potential to have a good system, if you look at the skeleton of our government, but it gets bogged down with the individual imperfections of those who run it. There is a lot of corruption, laziness, greed, and inefficiency but to me that just seems what happen when humans garner power.