Send a Tweet
Most Popular Choices
Share on Facebook 12 Share on Twitter 9 Printer Friendly Page More Sharing
OpEdNews Op Eds    H1'ed 8/14/12

America is Not Broke!

By       (Page 1 of 3 pages)     (# of views)   12 comments, 3 series
Follow Me on Twitter     Message Scott Baker
Become a Fan
  (81 fans)


(Image by Unknown Owner)   Details   DMCA
- Advertisement -

America Is Not Broke!

Americans of all political beliefs have been told repeatedly that America is broke, that something must be cut and/or taxes raised or we will drown in debt. While the debt is real, it pales in comparison to the 10s of trillions available to us - if we know where to look.

In short, America is Not Broke!

- Advertisement -

The following multi-trillion dollar economic reforms would completely turn the American economy around to the positive, forever. The first three have all been implemented to some degree in our history.   All  are consistent with American values of competition, fair play, economic and ecological sustainability, meritocracy, profiting from one's own labor, and Lincoln's ideal of an America by, for and of the People.

 


Copyrighted Image? DMCA
- Advertisement -
1.   Debt-free Money: Like coins and stamps (for a limited purpose), debt-free United States Notes (http://en.wikipedia.org/wiki/United_States_Note) can be issued by Congress anytime, for any reason, in any amount under the Constitution's Article 1, Sec. 8. Congress did create these original Greenbacks under the first Legal Tender Law (1862) by president Lincoln ($450 million) to fund the Civil War, and they continued through 14 series until 1996. This money would not have to be borrowed, raised in taxes, or backed by gold. It need not cause over-inflation if put toward those sectors that are in deflation. It is a "Public Option for Money." Perhaps $4 trillion, spread over 10 years, could be directed towards infrastructure, or Social Security.   Several recent attempts to do this, including the Rep. Kucinich's Bill, HR2990, are part of larger reform packages, but we can re-issue U.S. Notes anytime, producing an immediate gain in the government's accounts. Correcting Treasury & GAO's misleading statements on this issue is part of an ongoing lawsuit here: http://tompainetoo.com (Johnson v. Treasury) featuring my petition (Exhibit B): http://www.change.org/petitions/end-the-debt-crisis-with-debt-free-united-states-notes

 



Copyrighted Image? DMCA
2.   Land Value Taxation, aka the Single Tax (http://en.wikipedia.org/wiki/Georgism):   This Henry George ("Progress and Poverty," 1879. George was a Greenbacker too; see above) idea would make public the currently private collection of resource and locational rent.   It would end speculation by taxing economic rent, and eliminate Land-based booms and busts like the current one, forever.   Furthermore, by taxing the 33%-40% of GDP (http://economics.ucr.edu/papers/papers08/"-08-12old.pdf ) that is collected by idle rentiers on location and natural resources, one could untax all actual production (wages, sales, fixed capital like buildings), thereby vastly simplifying the tax code, removing opportunities for corruption, and freeing up major American productive capacity in a naturally efficient, green, scalable, and sustainable way.   This idea has been successfully applied in towns and cities all over the world and is perhaps the most established theorem in economics. See petition: http://www.change.org/petitions/a-new-form-of-capitalism-geonomics


Copyrighted Image? DMCA
- Advertisement -

3.   Public Banks (http://publicbankinginstitute.org/home.htm) like the highly successful State Bank of North Dakota (est. 1919) would force state accounts to be invested in State needs, and not in Wall Street speculative gambles - money which was raised through taxes but then has to be borrowed back, at interest rates of 4%-6%!   The agency and pension funds of most states are invested in risky, often underperforming asset classes, sometimes below investment grade, by managers who charge millions in fees. The Bank of North Dakota manages $4 billion in loans conservatively and constructively.   Public Banks can respond directly to community needs and even occasional emergencies in a way that would decentralize the Money Power, returning taxpayer money to We The People. Multiplied in all 50 states, and at the community level too, and America could save trillions in unnecessary gambles, bailouts, and interest costs.


 

Next Page  1  |  2  |  3

 

- Advertisement -

Must Read 9   Well Said 8   Valuable 8  
Rate It | View Ratings

Scott Baker Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Scott Baker is a Managing Editor & The Economics Editor at Opednews, and a blogger for Huffington Post, Daily Kos, and Global Economic Intersection.

His anthology of updated Opednews articles "America is Not Broke" was published by Tayen Lane Publishing (March, 2015) and may be found here:
http://www.americaisnotbroke.net/

Scott is a former President of Common Ground-NYC (http://commongroundnyc.org/), a Geoist/Georgist activist group. He has written dozens of articles for (more...)
 

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Follow Me on Twitter     Writers Guidelines
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

STAY IN THE KNOW
If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEdNews Newsletter
Name
Email
   (Opens new browser window)
 

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Obama Explains the FEMA Camps

Was Malaysian Flight MH370 Landed Safely in Afghanistan?

Let the Sun Shine on a State Bank in Florida

Batman, The Dark Knight Rises...and Occupy Wall Street Falls

The Least Productive People in the World

Detroit is Not Broke!