Our Economy and Real Solutions
A bigger more massive Washington D.C. is not the solution it is and
has been the problem. However, NO good common sense solutions will work
if Washington refuses to stop out of control spending with NO
ACCOUNTABILITY and "We the People" don't begin electing new and
different representatives to Congress who will "be bold" and stand with
courage of their convictions.
I was once asked to make a choice in my life, did I want "short term
gain which would inevitably get me long term pain, or did I want short
term pain for what would always garner me long term gain."
We have all been somewhat narcissistic to some degree opting more
often than not for "short term gain" in lieu of "short term pain." Now
we are paying a dear price for this mentality. While the following
solutions offered can be a great beginning, we have a painful recovery
ahead, but the "long term gains" will be well worth it. Some of these
solutions however, have the potential for an immediate affect toward
revitalizing our economy. By the way, NONE of the following solutions
will cost us the taxpayer a dime! We first MUST go to Congress and SLASH the federal budget!
We all have been asked to tighten our own budgets now it is
Washington's turn. The American people will have to be supportive
however in helping elected representatives once and for all eliminate
big bloated government bureaucracies. Our national debt is
simply unsustainable! We must also introduce a BALANCED BUDGET AMENDMENT.
Many state governments have an amendment to their Constitutions whereby
they must balance their budgets. Spending has been out of control from
both the republicans and democrats. This will be the best way to insure
this blatent disregard for our hard earned tax dollars will cease.
- Cut the federal corporate tax rate from 35% down to 12.5%.
Currently our corporate tax rate is the second highest of all of the
developed nations. This would have an almost immediate effect on
bringing back jobs that have left our country for lower taxed countries
such as Ireland, with the lowest corporate tax rate of 12.5%.
- "Frivolous Law Suit" reform. This has been another "jobs killer."(See more under legislation for we the people.) The very powerful "trial lawyer lobby" does not want this, we must now demand it!
- Abolish the all too powerful Central Money Bank system also known as The Federal Reserve.
Many a president (including Andrew Jackson,) economists and some in
Congress had warned and still warn of the dangers of central banks. (See more under Federal Reserve.)
- Abolish the "capital gains tax." President John F.
Kennedy (1963)-"The tax on capital gains directly affects investment
decisions, the mobility and flow of risk capital...the ease or
difficulty experienced by new ventures in obtaining capital, and
thereby the strength and potential for GROWTH in the
economy." The "capital gains tax" is not just a tax on major investors
and the wealthy which is another JOBS KILLER, but affects each and
every American with any type of investment interests including personal
savings accounts. This is in a nutshell the Federal government, OUR CONGRESS, "double dipping," you are being taxed twice!
- Re-instate the Glass-Steagall Act. The
Glass-Steagall act of 1933 prohibited any one institution from acting
as any combination of an investment bank, a commercial bank, and/or an
insurance company. This act was to prevent the "To big to fail" banking
mentality. In 1999 this act was repealed and replaced with The
Gramm-Leach- Bliley Act which enabled banks to run amok, this, along
with the CRA (Community Reinvestment Act) is what many a top economist
and I believe as well, set us up for the mess we are in now. The big
banks since at least the early 1980's had lobbied hard for the
repealing of Glass-Steagall. Both Democrats and Republicans yet one more time were bought off. Now look at the mess we are in!
- Abolish the "death tax." In a nutshell this too is
our Congress "double dipping." For those of us wanting to leave a
little something behind for our children, of which we have already paid
taxes on, our tax laws writing Congress, wants more! Again I will say
this is NOT just about the wealthy! This affects all of us.
- Get rid of the massive 60,000 plus pages of tax codes and replace it with a "Flat Tax" or "Fair Tax" system. (Please, see more under tax alternatives.)
Both sides of the aisle claim they are for the "middle class" and
"upper middle class." They simply are not! Under the current form of
taxation, close to 50% of people in our country pay NO taxes. As for
the "uber wealthy" they pay taxes, but are able to use the massive
60,000 page tax code via very well paid accountants, CPA's and tax
attorneys who find loopholes to actually avoid there true fair share.
That's why you often hear the "uber wealthy" like the Hollywood elites
say they are okay with tax hikes in our country. Therefore higher taxes
simply do not affect the wealthy. So in a nutshell we in the middle are
getting taxed into oblivion!
- Get Foreign Aid policy under control. While the
United States is a noble, giving and compassionate country, we must
take a long hard look at what we are sending in the (name of aid) to
other countries. One dreadful example comes to mind: sending Hamas $900
million of our hard earned tax dollars. UNACCEPTABLE! My Dad used to
say that "You take care of your own backyard first." The time is now to
take better care of ourselves!
- Put an immediate "cap" on charge card interest rates (to sunset in (2) years) so Americans can really pay down debt.
Here they go again! No Democrats, No Republicans came to our rescue. I
know first hand from speaking with countless small businesses
(especially the Mom & Pops) along with everyday folks the
devastation happening with LOANSHARK interest rates and lowering of
credit lines, (mostly happening to good people who never missed an
obligation.) This is also affecting FICO scores. I personally faxed the
D.C. offices of members of Congress on both sides of the aisle in both
late November 2008 and again in late January 2009. As well as both
White House administrations. (THAT INCLUDES CONGRESSMAN JIM COOPER.) To
date I have not had a single response! I warned in said faxes that if
nothing was done about the interest rates we would see record defaults
and bankruptcies that otherwise would have been un-necessary. I have
been right on!!!
- NO MORE BAILOUTS!!! "We the People" were as usual
correct and right on the money! TARP (Troubled Assets Relief Program)
was a great big payoff to the "fat cats" on Wall Street and big banks.
The result: A great big slap in the face to "We the People" in the form
of "loan shark" interest rates and even tighter credit. In a nutshell:
Washington rewarded their bad behavior, and punished our good behavior!
This is also just another nail in the coffin of the true "free market
economy" system our founding fathers had laid out so perfectly for us!
- NO MORE SUBSIDIES, NO MORE "TAX CREDITS"-
"Subsidies actually RAISE the cost of goods and services NOT
lower them, I constantly Facebook about this subject. "We the People"
are actually subsidizing large "private" companies."This is known as "CRONY CAPITALISM."
We have all but destroyed our farming industry and higher
education system as a direct result of subsidies. When any of us
receives a "Tax Credit" that means that someone else has been "debited"
for it. In other words if you get a big fat check back from the IRS,
someone else who had to PAY the IRS just paid for YOUR check. Bottom
line these (two) issues stated are another form of "REDISTRIBUTION OF WEALTH." BOTH
REPUBLICANS AND DEMOCRATS have been guilty of doing this for
years!!! Why? TO BUY VOTES AND SWEETEN THEIR CAMPAIGN COFFERS!
As
we consistantly point out HONESTLY to all of you, if WE are to get our
ECONOMIC MORALITY back on track WE will ALL have to suffer some short
term pain.
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