This is a comment from the "How to Transform the US From a Debt to an Equity Economy" that I felt compelled to create a diary out of.
I understand it is most likely well intentioned, but I have serious objections to many of the proposed solutions laid out in the above referenced diary. For starters, "spread(ing) the pain out among as many people as possible" seems to disproportionately hurt the poorest people, since the current system is already squeezing them to death. It would also signal the death knell on the working middle class. Most workers are reliant upon federal government spending for their middle class existence. I know my family would be stuck below middle class if it had not been for WIC, Medicaid, unemployment and FHA. Those programs helped my family through difficult times, and helped us make the most of our good fortune. Decrease spending without decreasing taxes would be a burden far too heavy to bear.
Of course, the big doozie comes from endorsing the ANWR and offshore drilling. Worst. Idea. Ever. To think that the average American would even receive any benefit whatsoever from this is laughable. We should be moving away from oil, and marginalizing the power of big oil companies. Our efforts should zero in on implementing alternative fuel infrastructure. Cities should begin installing outlets on curbs and parking lots for more all-electric vehicle use. Natural gas stations should be replacing petroleum stations. Our economy can begin healing once we achieve a modicum of energy independence.
And no mention of cutting the defense budget? There is far more to be saved in de-funding our bloated defense department than there is to be gained in destroying ANWR and ruining our coastline.
To me, we can take large steps towards remaking our economy by:
- achieving energy independence from big oil
- taxing corporations on windfall profits
- letting the tax cuts expire and increasing taxes on the wealthiest 5%
- closing tax shelters and loopholes
- slashing the defense budget, the homeland security budget, and end the prohibition of drugs
- implement a system of fair trade, so that American manufacturing can recover, and expand to include production of alt-energy generators (e.g. solar paneling) and consumers (e.g. vehicles)
- invest in science/technology education at all levels, but pay special attention to post-secondary science ed by investing in those who choose to major in science and divesting from those who choose to major in business, pre-law/pol-sci, and other admin-oriented liberal arts (though certainly not fine arts or traditional teaching majors such as English)
- Remove the roadblocks to union organizing by passing the Employee Free Choice Act, and reviving the working middle class
Once this is all done, we can then pass an amendment to require 2/3 House and 60% of Senate to pass an unbalanced budget. We shouldn't make it impossible to pass an unbalanced budget, as has been proposed in the past, but we should make it a lot more difficult.
We can then finally reset our currency, diversifying the standard to take the load off the fed reserve.