Solutions for the Economy (stupid)

[NorthSideSox72]

Alright, I am going to attempt to get a thread going that actually contains some ideas for fixing the economy. Its real easy to yell and scream at that liberal pansy Obama, or those hateful whack-job Republicans, that they are doing everything wrong. It takes some actual thought to come up with alternatives.

 

We had a thread like this a while back about health care too.

 

Let's hear it... if you were President and had favorable majorities in Congress that would do more or less whatever you wanted done (within reason - even a well-aligned Congress wouldn't be likely to, say, double the income tax for all brackets, or remove the income tax entirely).

 

What would you do?

 

[StrangeSox]

Short term or long term? Two very different questions.

[Balta1701]

Short term or long term? Two very different questions.

"In the long term we're all dead."

[southsider2k5]

"In the long term we're all dead."

 

Dick Harshbarger?

[NorthSideSox72]

Short term or long term? Two very different questions.

Happy to see discussion on either or both.

 

[Rex Kickass]

I would raise revenue by making Capital Gains taxes progressive and more closely aligned with real income tax rates.

I would lower corporate tax rates but close many loopholes to ensure that the largest, most profitable corporations that do business within the US actually pay taxes on the income they receive.

I would spend lots of money on infrastructure improvements nationwide, both on roads and rail, as well as air travel by fully funding the FAA and speeding up work on NextGen air traffic control systems, our national power grid and other non transportation related infrastructure projects.

I would bolster the US Postal Service, by refunding the overpayments into the Federal Pension system that they have made and give them the flexibility to drop Saturday service as well as other flexibilities necessary. I would also allow them a one time 10 cent increase in postage to be phased in over two years.

I would stabilize Social Security by raising the income cap on Social Security taxes.

I would allow the Federal Government to negotiate directly with drug companies to provide better cost protections with Medicare, similar to what private health insurance companies are allowed to do.

I would work with state and local governments to create small business incubator programs, where start up entrepreneurship is encouraged with partially subsidized office space and other assistance in exchange for guarantees to maintain a presence and hiring locally in urban areas with high unemployment.

I would roll back the 2001 tax cuts over three years, in stages - with people making over 250k being done immediately and lower incomes having their tax cuts rolled back in stages over the next three years.

[NorthSideSox72]

I would raise revenue by making Capital Gains taxes progressive and more closely aligned with real income tax rates.

I would lower corporate tax rates but close many loopholes to ensure that the largest, most profitable corporations that do business within the US actually pay taxes on the income they receive.

I would spend lots of money on infrastructure improvements nationwide, both on roads and rail, as well as air travel by fully funding the FAA and speeding up work on NextGen air traffic control systems, our national power grid and other non transportation related infrastructure projects.

I would bolster the US Postal Service, by refunding the overpayments into the Federal Pension system that they have made and give them the flexibility to drop Saturday service as well as other flexibilities necessary. I would also allow them a one time 10 cent increase in postage to be phased in over two years.

I would stabilize Social Security by raising the income cap on Social Security taxes.

I would allow the Federal Government to negotiate directly with drug companies to provide better cost protections with Medicare, similar to what private health insurance companies are allowed to do.

I would work with state and local governments to create small business incubator programs, where start up entrepreneurship is encouraged with partially subsidized office space and other assistance in exchange for guarantees to maintain a presence and hiring locally in urban areas with high unemployment.

I would roll back the 2001 tax cuts over three years, in stages - with people making over 250k being done immediately and lower incomes having their tax cuts rolled back in stages over the next three years.

 

The first real suggestions, thank you sir.

 

I see a lot in there that could help with the deficit and debt... but am unclear which of those would help the economy recover. Or do you believe it will do that on its own, a la Bush I?

 

Just curious where you see the economic help coming from in that list. I like some of your ideas.

 

[Rex Kickass]

The first real suggestions, thank you sir.

 

I see a lot in there that could help with the deficit and debt... but am unclear which of those would help the economy recover. Or do you believe it will do that on its own, a la Bush I?

 

Just curious where you see the economic help coming from in that list. I like some of your ideas.

 

Sort of a short term/long term situation.

 

Tax rates increase federal revenues which allow us to spend money on stimulative programs without growing the deficit further. Although I don't think deficit spending is in and of itself a bad thing, it makes more sense to close a deficit that may be a little too high for comfort by raising revenues rather than cutting spending at a time when an economy clearly doesn't need contraction from one of its larger sectors.

 

But employing workers immediately in sorely needed infrastructure projects will start growth immediately. Allowing Medicare to negotiate for drug company benefits will help bend the cost curve allowing people to keep more of their money not tied up in things like prescription drugs.

 

My wish list is primarily off the cuff and seem like relative common sense things to do. It just seems like raising federal revenues will give the federal government the ability to step in more nimbly and flexibly when the economy requires a little boost.

[jasonxctf]

I would legalize on-line gambling in the US with a few certain rules/requirements.

 

- Auction off 4 "licenses" to companies that are interested

- Require that any/all employees associated with the on-line sites (customer service, payouts, acctg, etc) be US citizens and be employed at US corporate offices.

- Create a clearing house that monitors payments in/out (think paypal) that would closely track and tax those winnings and losings to avoid fixing of sports.

 

 

I would think this does the following.

 

1) Immediate federal government income from the auction of the licenses

2) Immediate hiring of US workers

3) Immediate purchasing of tech equipment to run/support the system

4) Move US consumer "spending" back to the states from overseas

5) Reduce/elimiate illegal bookmakers and crime associated with it

6) Long term tax revenue from tracking of winnings. (like capital gains taxes)

 

[Jenksismyhero]

Couple quick ones before I head home:

 

- I'd go with closing business tax loopholes and increasing taxes on those that make 250k/500k (ind/couple). The revenue gained from that would find a massive 2-4 year tax relief/incentive program for small to mid-size businesses (say under 10k employees) and business that hire new employees.

 

- 6 month freeze for anyone with federal student loans with option to renew for another 6 month period

 

- i'd completely remove any capital gains tax up to a certain threshold. Absolutely stupid to penalize the small investor.

 

- end oil/gas subsidies. slowly phase out ag subsidies

 

- constitutional amendment requiring that any legislation passed includes one bill for one issue, not one bill with 8000 unrelated issues (not really related to the economy, but something I absolutely cannot stand).

 

[farmteam]

I'd go with closing business tax loopholes and increasing taxes on those that make 250k/500k (ind/couple). The revenue gained from that would find a massive 2-4 year tax relief/incentive program for small to mid-size businesses (say under 10k employees) and business that hire new employees.

 

I agree with that one.

 

I would focus a lot (a LOT) on increasing spending on high-speed rail. It's a solution that ties into many other problems as well (Carbon Emissions, perhaps)

 

I'd scrap the "War on Drugs." It was a terrible failure, and any perpetuation of it is laughable. Seriously, start from the beginning on this one. Redefine what is/isn't illegal, in what ways they're enforced, in what ways they're "punished" (i.e. a much greater focus on rehabilitation instead of prison time). I think starting from the top would allow quite a bit in costs to be trimmed from the budget (not even mentioning more equitable laws).

 

In a similar vein, I'd completely rethink the way Defense is funded/budgeted, starting with a very basic question: Both in the present and moving forward into the future, how do we (the Government) best protect our citizens and our country? And I mean honestly, REALLY look at that question. Because I think the current method is way too bloated. Defense spending is absurdly high, but it can only be lowered if there's an entirely new methodology behind allocating it.

 

I'd also find a way to increase education funding across the board, but also to trade/vocational schools. Not everyone needs, nor wants, a college education; yet a vast amount of those people might greatly benefit/yearn for better access to legitimate trade schools.

 

Admittedly, my points on transportation and education funding would also require a decently-sized shift in the American way of thinking (moreso in regards to rail than education).

[DukeNukeEm]

1) Clean house in the SEC: Without a doubt the most corrupt law enforcement agency in the United States, and when they're not playing favorites they're just being generally incompetent. Put some hateful assholes in there who actually despise Wall St. and maybe we'll see some of the crooks actually go to jail. Congress can pass whatever financial regulations it wants (lets be serious though, it wont), but without proper enforcement the rules just get trampled on.

 

2) Impose import tariffs: Unfortunately NAFTA keeps us from protecting domestic industry from two of our largest importers, but we can still isolate the bigger EU producers and East Asia. The loss of middle class manufacturing jobs has really hurt 3rd and 4th tier American cities and all but destroyed smaller working communities in rural areas.

 

3) Rethink our subsidy priorities: Looking at the energy companies here. If energy innovation is supposed to be what bails us out of this mess we cannot keep incentives for maintaining our unsustainable energy infrastructure.

 

[Balta1701]

Ok, I'd like to note that I'm not in favor of significant import tariffs as a response to an economic collapse.

 

See guys, I do have my limits.