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For me, I think the baby-boomers retiring will create a wall of talent leaving the workforce. It also represents less tax revenue. Fewer workers supporting more older people will require more taxes. It's simple arithmetic ... you can't just replace 20 million US workers at the drop of a hat. Same goes for Social Security and Medicare/Medicaid. Either we need to drastically cut those programs down, or increase taxes or both (which I'm a fan of).
I also think we need to let the Bush tax cuts expire. Seriously, where's the patriotism of the rich class in this country??? In Germany, the rich OFFERED, BEGGED to be taxed more. They knew the rising disparity in wealth created by higher productivity would result in needing to be taxed more. I guess the rich class in the US just isn't as smart ... or as patriotic.
But I don't think we should increase taxes on only them. Why do we have a tax write-off on mortgage interest payments? Why do we have other tax credits that just make me go "huh?"
I say close all the loopholes and complex issues with a flat tax.
I also say slash government spending on the military. We don't need to be the world's policeman and have a fighting force for two and a half wars. One and a half seems plenty to me. If we slashed military spending, we'd still be wayyyyyyyyyyyyyy ahead of the rest of the world. And it would crush the military - industrial complex that Eisenhower warned us about.
Put that money to more educational opportunities for tradesmen. Can't increase exports with people going to demanding and technical trades who need picture books because they can't read (true story, a number of companies have moved to CANADA and MEXICO because US WORKERS CAN'T READ).
Finally, we need to hit two birds with one stone regarding trade reform ... a balanced budget amendment. US households can't spend more than they take in (for long), why can the government? Heck even Italy is considering doing this!
Last edited by eskercurve; 08-08-2011 at 06:42 PM..
OK if you print a bunch of money say $1trillion and give it to everyone then you will get a spike in consumer spending. With that should come a spike in employment.
Start a national savings plan in banks. This should help restore balance to our balance of trade issues.
Tax the principle on debt. We need a larger tax base and we need less total debt so accomplish both with one step.
We need the expectation of higher future housing prices. In order to get that we need the income base to pay for them. So up the minimum wage far enough to push the average wage up by 50%. That would tend to support the house prices at the peak of the last bubble.
In short how I would fix the economy is with inflation. With inflation it is in your best interest to spend money now on making something to sell later. This tends to drive employment up with inflation. There is a catch with falling asset prices buying assets later is better than buying them now. So we need to turn the last housing bubble into inflation in order to fix the economy any time soon.
Tax reform. Yes, end all tax subsidies, loopholes, and tax credits for any corporation paying 0% taxes. Lower the corporate tax rate. Let Bush tax cuts expire at the end of 2013.
Decrease all federal spending that doesn't immediately create jobs that have high unemployment rates. Doctors are doing fine, Highway workers, not so much.
Don't cut medicare, medicaid, or social security. Americans wouldn't support it, find cuts elsewhere.
DECREASE MILITARY SPENDING.
Start by 1. Ending all long term military occupations. This means removing bases from Germany, Korea, Iraq, Afghanistan, Turkey, Japan, etc.
Then 2. End government contracts. Lets design planes, missiles, etc. Thats fine, text "X" planes like we did in the 50's and 60's. We didn't mass produce those aircraft, but we had the means to ramp up production if military action is warranted. And most engagements we are in pose no real threat to the United States other then protecting a energy source we don't need.
Then 3. Slowly transition military personnel levels to lower levels. Let people retire.
Decrease other spending. Pet projects, anything that doesn't create enough jobs to offset the tax money used for a project, then we can't afford it without a super majority in both houses approval. No adding your pet project to highway bills, etc.
Other, increase Social security retirement age. For all children born from 1/1/2012, they can retire at 70.
And national all medically necessary medical care. Anything beyond that, all people can buy for secondary insurance for all medically wanted care. That would reduce a MASSIVE burden to private employers, freeing their capital immediately to flood the market with new jobs and growth. Healthcare can be handled nationally in such a growing economy.
That all gets things going in the right way. Balancing the budget, while spending wisely.
1. Impose a 6% federal sales tax on all products not manufactured in the USA.
2. Down size the military
3. Cut foreign aid
4. Tax breaks to companys that move their manufacturing back to the USA
5. Immigrants here on work VISA pay a higher tax than citizens
6. Have a national lottery. Voluntary contribution 1 drawing per week based on last 4 didgits of ssn. you can only win once. Up to 10.00 per pay check.
10.00 buys you 5 chances to win. 50% of revenue goes to the debt. 5 winners per week split the tax free winnings.
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