Our economy is in serious trouble. The dollar continues to fall and is in danger of losing its status as the international currency. Food is skyrocketing in price. Jobs are scarce. Education is under assault. The middle class is disappearing.
Only the wealthiest Americans are improving their economic situations. The rest of us are withering on the vine.
These conditions cannot continue. If they do, America will slip into third world status with hyper inflation, a destroyed stock market, unaffordable food, currency that is worthless to buy daily needs, riots in the streets, and vulnerability to assault from outside, shall we say, interests. Not only will poor and middle class Americans suffer, but the wealthy will watch their vast riches disappear.
So far, American debate on this deteriorating situation revolves around two competing opinions: continue spending and tax the rich vs. cut spending and cut taxes for the rich. Neither approach will work.
My approach is simple. And it will work. It works for families, so why not this Nation? Simply put, we must increase our income while strategically decreasing spending.
To stop the destruction of social security, we must eliminate the cap on income subject to social security taxation. To increase income, the Bush tax cuts must be eliminated on incomes over $500,000/yr. Certain tax loopholes, like the tax credit on interest, must be eliminated. Tax credits given to oil companies need to go away.
Medicare fraud needs to be addressed by having the Joint Commission, which accredits hospitals, investigate for medicare fraud and then send violators to the Justice Department for prosecution. The age for early retirement benefits should be increased to 65 and the age for full retirement should be increased to 68 – across the board.
Spending on warfare in Trashcanistan and Iraq should be curtailed immediately and the troops returned to our shores.
My plan would create trillions of dollars in additional income and trillions of dollars in savings. A bipartisan economic oversight team should be created to monitor the resulting economic recovery, and make adjustments as needed.
Nobody will like my plan. Conservatives might argue that raising taxes on wealthy Americans would cause them not to create jobs. I’d point out that wealthy Americans ain’t creating jobs now, even with the Bush tax cuts. ‘sides, Even with the removal of the Bush tax cuts, wealthy Americans would remain wealthy. And they would be contributing to the health of a Nation that has allowed them to become wealthy. Liberals might argue that raising social security eligibility would violate the trust between retirees and the government. As a retiree, I’m willing to do my part (as the richest people among us should also be) to ensure that America continues to exist with a sound economic footing, job growth, and opportunity for all.
This strategery must be implemented now. Time is short. The danger signs are frightening. Let’s get cracking!
