There is little doubt American will be fixed. It is not a case of if, it is a case of when. The when part is easy. When crisis leads to necessity, that is when it will occur and not a day sooner. I am reminded of Winston Churchill’s quote “Americans can always be counted on to do the right thing…after they have exhausted all other possibilities”
Lets look at what must be done. In no particular order, here we go.
- Fix the American system of justice – there is far too much power in the hands of lawyers and the American tort system is over burdened with excess costs and monetary awards. Those who break the laws will be prosecuted and if convicted, they will be jailed. We must end the cash settlement offers.
- Break the ties that bind – end Wall Streets control of Government. End all funding of political campaigns. Politicians must act in the best interest of all Americans first and foremost.
- The money spinning business must be controlled and in many cases taxed by instituting a transaction fee. If it does not create value or lead to jobs and growth, tax it.
- Infrastructure – stop building roads to nowhere. Build a new energy infrastructure program that converts existing gas stations into “Natural Gas Stations” and tap into the vast sources of natural gas shale. Big oils dominance and reliance on oil must end. This will divert $300-400 billion US in oil expenditures from the middle east back into America. This will buy the US time, at least 20 years to come up with alternatives to oil.
- Consumption tax – America has over consumed to the point that all Americans have fallen into a consumption versus savings pitfall. Implement an 18% consumption tax on non food items so that the lower-middle class focus on savings while the upper-middle class pays for the excess consumption habits.
- Housing – there are two ways to reduce the excess supply of housing 1) some suggest we bulldoze them, which would eliminate the supply but it it just does not sit well and the socialist will have a field day with this suggestion. It is not a solution. 2) implement incentives on real estate such as no land transfer taxes, no property taxes for 2-5 years and/or no taxes on rental income.