I think that lack of competition has been a long term problem in F1 and its because that it is so expensive to get a winning car. You have to have backing from a famous company like Ferrari or Mercedes. I heard that not all of the drivers get paid too. The big names like schumacher get millions of course and are filthy rich. Has to live in the Balearic Isl. to get a tax break. I don't know what NASCAR has been like lately, but it was that a layed-off factory worker could get into it win races and they were more competitive races. I think that's part of the appeal of NASCAR.
One driver, one season is at least $500,000.
Yes, they need to do something to contain the costs. They need to change the rules. Cooper cars set the pattern for all of today's F1 cars (Indy, too). In 1961 an F1 Cooper cost $20,000. It had a tubular space frame, carburetors (not fuel injection), points and condenser. It would go about 180 mph, which is plenty fast. Maybe we need to back up a little in technology to get more participation, and particularly more American participation including drivers.