Restoring the American Economy to Greatness

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Only a couple of months ago, a Federal Reserve survey revealed that Americans felt, by and large, that they were worse off financially than they were five years ago. A new study of the world’s economic freedom has the United States ranked 12th, a considerable drop from the heady days of 2000 when we ranked second. Job force participation rates are at staggering low levels, despite Obama’s insistence that things are getting better.

Moving the country forward into better economic times will take more than just a few tweaks here and there. We need to reconsider the strengths of free market capitalism and return to the principles that allowed us to become one of the richest countries in the world.

Lower Taxes
Taxes need to be cut across the board, and we need to get rid of this idea that the rich should be paying more than their fair share. This is Obama’s number one contention, and it is entirely wrongheaded. Small business owners are unfairly targeted by Obama’s tax plans, stifling innovation and reducing job opportunities for the middle class.

Deregulate
We could send the economy rocketing into the stratosphere if we were to take a pair of scissors to the red tape of federal regulations. I understand the dangers in true laissez-faire regulation, but what we have now is equally untenable. By reducing regulation responsibly, we can remove the shackles from American businesses, letting them compete in an increasingly global economy. Government should be there to help business, not kill it.

Reign in Spending
Conservatives have been hammering this point since before any of us were alive, but our representatives in government don’t follow through on their promises. How do you reign in a beast that thrives on its own expansion? We’re handing out IOUs like it’s no big deal, passing trillions of dollars in debt to our kids. There is so much waste, it’s unconscionable. We need politicians willing to stick to their guns when power and money come into conflict with principle.

Draw Big Business Back
We’re losing major American companies to tax inversion. Rather than attack the fundamental taxation problems that encourage companies like Burger King to find headquarters outside the country, Obama wants to paint them as unpatriotic. Maybe they are. But business isn’t about pledging allegiance to the flag; it’s about making money. You want to inspire patriotism in these fleeing corporations? Make it irresistible for them to return.

Prepare for Big Changes
Politicians, voters, businesses, and schools. None of them are preparing for the enormous changes our economy is going to experience in the next fifty years. We are on the precipice of an Automation Age, and we are nowhere near ready for it. When robots and computers replace half the American workforce, we’re going to have some startling issues that we haven’t even begun to discuss on a national level. Yes, we need to address the problems of today, but we also need to be preparing for the inevitable shift coming tomorrow.