Mitchell’s laws: Reduced money growth never stimulates economic growth. To survive long term, a monetarily non-sovereign government must have a positive balance of payments. Economic austerity causes civil disorder. Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
This is the challenge: You are the President, now. What will you do? The economy has been terrible since 2008 – more that three years and headed nowhere.
In “Nine steps to prosperity; a short message to #Occupy Wall Street,” this blog proposed the following program for recovery:
1. Eliminate FICA (Click here)
2. Medicare — parts A, B & D — for everyone
3. Send every American citizen an annual check for $5,000 or give every state $5,000 per capita (Click here)
4. Long-term nursing care for everyone
5. Free education (including post-grad) for everyone
6. Salary for attending school (Click here)
7. Eliminate corporate taxes
8. Increase the standard income tax deduction annually
9. Increase federal spending on the myriad initiatives that benefit America
Begin to institute #1-#9 today, in the order shown, and if/when excessive inflation starts to occur, institute the first inflation-fighting program the Fed always uses: Raise interest rates. If that doesn’t do enough, begin to cut deficit spending.
Some readers have argued with the details of the various plans, programs, concepts, beliefs and ideas expressed in the 450 posts and thousands of comments over the past two years. So now I ask all readers to present a plan of their own. That is, if you were President, what would you do?
No fair copping out with caveats about how the President doesn’t have total control and the Tea/Republicans and Democrats won’t let you do this or that or the other thing. Let’s assume you, the President, are a great communicator and can convince the voters to back your ideas, so the vote-hungry Congress will follow along.
What is your plan?
Rodger Malcolm Mitchell
No nation can tax itself into prosperity, nor grow without money growth. Monetary Sovereignty: Cutting federal deficits to grow the economy is like applying leeches to cure anemia. The key equation in economics: Federal Deficits – Net Imports = Net Private Savings
4 thoughts on “–Congratulations. You have become President of the United States. What is your plan?”
– Eliminate the federal income tax.
– Lower the Social Security eligibility age to 60.
– Eliminate the FICA tax.
– Eliminate the corporate income tax.
– Extend unemployment insurance, with a trigger for it to expire when the unemployment rate falls under nine percent.
Ending unemployment insurance when unemployment falls under nine percent (which could be this month) is extreme. It would be better to end it when unemployment falls under four percent.
I would Eliminate corporate taxes completely only if you hire all of your workers here in the U.S., the lower the percentage of workers you hire in the u.s would mean the more taxes you pay. We need some incentive for businesses to actually hire American workers and not just do business in America when they have all their factories and what not in 3rd world countries.
Today, I realized that we only need to do one thing to significantly lower unemployment: Abolish the federal income tax. 2010 tax revenues show that $1 trillion came from the federal income tax.
It’s too bad the White House and Congress are controlled by debt hawks.