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Sunday, August 07, 2011

I know how to fix the American economy

It's all really quite simple.

Eliminate the personal income tax.

Slash corporate taxes.

Implement the national retail sales tax.

Give corporate tax cuts for each time a company hires a certain number of employees domestically (to encourage the trend away from outsourcing).

Impose higher trade tariffs.

No more "most favored nation" trade status for anyone.

Eliminate a lot of burdensome regulation that stifles businesses.

Cut government spending!

Do those things, and just watch the United States heal itself financially. Get back our AAA rating from Standard & Poor's? Heck, we'd be the first country ever to get quadruple-A rating!


Lee Shelton said...

My solution is simpler, albeit a little more difficult to implement: end government.

Marc said...

All ideas are simple. Its getting those ideas passed by the Senate, the Congress, and signed by the President thats the hard part. With this dysfunctional group, there's no way any good ideas will see the light of day.

Scott Bradford said...

I like all the ideas except the higher tariffs. I believe free, unfettered foreign trade is good for everybody.

As an oversimplified example, every dollar I save because my computer is made by cheap foreign labor is a dollar I can spend on other things and, as such, makes an improvement in my quality of life. Further, every dollar Apple, HP, Dell, Intel, etc. saves on foreign manufacturing is another dollar to hire U.S. engineers to design the next generation of technology...and so on.

So foreign trade hurts one area of the economy (manufacturing) while bolstering another (design/engineering), and giving companies bigger margins with which to drive their respective industries forward. It's a zero-sum game in the end as far as employment, but we get better and less expensive products out of it...that's a good thing.

Trying to depress foreign trade with tariffs generally backfires.

Anonymous said...

That's worked out well in Somalia.