*This is a copy of a thread i made last night but am unsure if it correctly posted This is my first post for this site and after looking at the popular threads list I noticed that the majority were election related(for obvious reasons), but I also noticed that while they were election related, they were also mostly not economy related, so that gave me the idea to just list my views on the general "doctrine" on how best to run our economy. For starters the tax system in the country needs to change. Loopholes for the wealthy need to be cut, but I don't support large tax cuts or generically raising taxes for the wealthy. Instead a system should be implemented based off an idea of taxing unused income, a system where you could have something like a fee for the top 10% if you leave over (just throwing out numbers on this) 25% of your net unused income (saving for future spending in college or home-ownership counts as use). This, along with other things, could allow for the reduction of income inequality without purely taxing the wealthy. At the same time taxes on businesses, individuals, and investments need to be reduced. When it comes to surpluses, deficits, spending, and debt, I think that, so long as you can afford it, deficit spending is good. After all, all a surplus is is money that you're just sitting on (unless you're paying back debt), which makes no sense as a surplus is also money that could be used to improve on education, infrastructure, or reduced taxes, all of which are beneficial to the economy. At the same time, something that needs to be established is that if a country is in a situation like Greece, cuts and certain tax hikes are necessary. As dissatisfied as I am with this conclusion, unfortunately, the least painful way to make those cuts would be from defense, healthcare, public funding for the arts and sports, and clean energy. Those cuts could also be made to most programs where there isn't a net gain unless it is 100% crucial (ie police). In the U.S.'s case there are several supposedly "smart and useful" federal programs that can be cut because they actually make no sense( a past example could have been subsidies on home ownership(not sure if they're still doing that)). On the topic of jobs the idea needs to be established that instead of retrieving low-wage jobs from overseas higher wage jobs should be created here. These jobs would be in sectors such as the financial, banking, research, biotechnology, and information sectors. However, for these jobs to be created, the environment for job creation in those sectors would need to be created. In order to do this taxes need to be adjusted so businesses could afford investing in America, and education needs to be reformed so that people are smart enough to take those jobs. To reform education would require increased teacher training, higher teacher standards, easier ways to fire bad teachers, effective use of school funding, and a fundamental change in the attitudes of American children and their parents towards the importance of education and learning. On the topic of regulation there definitely areas that could be fixed. I'm not going to list all the areas because I don't have the time at the moment, but in general, regulation needs to be done away with, there are some exceptions which I can list later if anyone asks. Finally, on the issue of foreign competitors like China I wouldn't be as worried as most people are. China has its own problems concerning how it will eventually provide all of its citizens with pensions, healthcare, etc. It's also worth mentioning that the percentage of U.S. debt owned by China is quite small, 8%, and they can't just call in the debt whenever they feel like it. Not to mention that while a large portion of consumer goods are owned by China, production costs over there are rising, and growth is slowing. Thanks for reading this whole thing, if you would like to comment on anything, please do.
Good effort, Wall of text. But My view is the USA is not the economic superpower it thinks it is. The world has changed and buplic schools have not caught up yet. When you thnk of China, they are the slant eye boogie man all Americans like to hate. And this ecom=nomic go around is no different. China still has over 68% of it's population in low economic poverty. that is the reason the china government will not speed up inflation. If it did those 68% would not be able to to buy food and survive. China is doing what it needs to do to keep their people from rioting and dying off. Also there are some countries that do not have jewish owners who control the country. Countries like Venezuela is about to change when they elect their first jewish president. And you can bet the USA will be in there manipulating and taking over their country. Speaking of South America. that is another rapidly growing area of the world that is not factored in to the world of the caucazoid term world. Countries like Chile, Brazil, Venezuela, Colombia, and Mexico all have emerging markets that are still not controled by jewish mogules. So the future looks good for those countries once the jewish owners of the USA move out and find more capital profit off other countries. What is good for the wealthy jewish owners of the USA is good for all of the USA.
I'd say you did good a job! The tax code is freekin joke. No - not a joke. It's a disaster. The Economist magazine had an article last year describing how federal revenues could be increased by around $1 trillion just by simplifying the tax code and eliminating loopholes for the wealthy.
I agree with you mostly, this is the only part I took a little issue with. How realistic that we can actually have a jobs market that is such a heavy proportion of white collar jobs and what would that mean for those who make a lower income? I mean I know its somewhat possible but I just question how quickly we could do that, if we could maintain it, and how extreme in that direction are you talking about? I'm asking because I genuinely don't know and am curious as to how realistic it is. I'm just not really sure that this would realistically work because Business invest in higher education in a way that would make it cheap enough so that enough people can afford it to be able to get white collar jobs or better like you are suggesting. Even if you did, colleges are businesses and if you don't subsidize them I think the only way to make colleges drop tuition fees are to take away all government loans so that colleges would be forced to lower their fees in order to get students and I don't know how that would effect teacher salary, which I believe could always be higher for the amount of schooling they've done to get to that point. I like your ideas and I agree with most of them but I'd just appreciate if you can explain how you would get to be realistic, especially given the constraints of 4 to 8 years, and I'm assuming we're starting from the economic position we're in now....I'm not trying to argue, belittle or even disagree with you, just curious...
I agree with much that you say. The tax code is truly a nightmare. I'd like to find a study that measures how much money is spent by Americans just to figure out their tax commitments. Would probably be a larger number than the entire budgets of most countries on the planet. I'm not sure about taxing "unused" income. I can see a nightmare of trying to figure out what is considered a "valid" use of my income. And a govt bureaucrat is the last person I want making that decision. I can imagine those that want wealth redistribution having a field day. Keep in mind the "extra" money I have is in a bank and hopefully being lent out to spur more growth. Overall I think the 2 most important things that must change are the tax code and the regulatory environment. The problems with the tax code are legion, to the point that we need to scrap the whole thing and start over. Same with the regulatory environment. It's just so far gone as to be irredeemable. One word that never seems to make it into these discussions is "competitiveness". The tax code and regulatory environment make entire industries impossible to operate in this country. One of my biggest customers is a medical device manufacturer. They are already sending jobs to Mexico in preparation for the new taxes being imposed under Obamacare. Those that support the taxes will say that they are minimal. While that may be true, the problem is that it's one more disadvantage vs foreign competition. They are already at a disadvantage on wage scales, regulations and taxes. When things get tough you can always count on the govt to be there to kick you in the short hairs.
Well thought out. I would add the elimination of Corporations. At least eliminate much of their protections and power. They should have life spans related to time or purpose. Not an unending and perpetual amassing of wealth that we see now. Corporations are among the largest and most abused tax shelters that there are and they're distorting everything they come near. They are like financial black holes.
