Solutions to America’s Economic Problems
The following suggestions should be considered as part of a new plan to recover American industry and economic health:
Appoint an economic czar, a major cabinet post, to develop policies that protect our economy from foreign predatory practices and to create conditions to make
manufacturing competitive and profitable through government sponsored research, tax changes and subsidies.
Develop an industrial research and development division (similar to government sponsored National Institute of Health (NIH) – in Medicine or the Manhattan Project in World
War II or Japan’s (MITI) Ministry of International Trade & Industry) to focus on needs and development procedures for new and existing industries. Our country’s future as we know it is at stake.
Selective use of Tariffs for strategic and endangered industries to prevent their loss.
Change tax structure for select industries that we can’t afford to lose – steel, etc.
Consider changing agreement with the W.T.O. or else get out of W.T.O. – it usurps our sovereign rights and places unreasonable limitations on us.
Control our Balance of Trade Deficit.
Analyze every international trade deal – does it benefit America; currently most deals do not.
Curtail subsidies foreign owned companies receive from our State Governments.
We should attempt to discourage technology transfer and outsourcing manufacturing if it causes us to lose industries.
Prevent sale of strategic companies or institutions to foreign ownership.
Faster depreciation on capital equipment investment – it will lessen the need to outsource manufacturing.
Free trade has been a disaster. It must be replaced with intelligent trade that prevents foreign predatory practices and better serves our interests.
Typical idiot solution. More government.
The only thing that is needed is total tax reform. The best would be to end all corporate income and payroll taxes which would reduce prices by 20-30% on U.S. goods and services and make them much more competitive. End payroll taxes as they can’t fund entitlements anyway and get us a simple one tax system that increases the prices of all imports (instead of tariffs on selected imports).
End all subsidies by the Federal Government and let states subsidize or work with businesses in the states to make them competitive.
Since all business taxes are paid by consumers anyway, why not just have a consumption tax or VAT on the final product before it goes to the consumer and that VAT go on all imports as well.
However, since that probably won’t be popular or supported by voters, let’s just wait for a depression when we will be forced to do a lot of reforms.
John
Are you in favor of this guy’s plan? Sometimes you are a big gov’t guy and sometimes you aren’t. How about this one?
Aubrey,
This guy is preaching to John’s choir…more regulation, more regulation and then as if there is not enough, let’s add more regulation.
Is it me or are we really and truly over a barrel? If the economic situation is like a wildfire, McCain, at best, will let it tage at its current strength and Hillary and/or Obama will just throw gasoline on it. I don’t want to have to live through the Great Depression Mark II!
Republicans need to return to conservative values…not for the sake of the party, but for the sake of the nation!
Aubrey.
It isn’t Republicans that need to return but the voters. Republicans are only 25% of the voters and only 20% are conservative.
You have no choice but to live through a depression at some point (who knows when, though) because that is the only way out of this type of crisis.