President Trump, Use True Capitalism To Restore American Prosperity Fast!
By William R. Collier, Jr.
The number one question in America right now? When to reopen for business.
The left leans toward delaying the reopening of “inessential” businesses. These are, however, essential to the sustenance of their employees and owners. The right leans toward a fast reboot, devil take the hindmost, on the basis people can die just as dead of starvation and despair as from pestilence. It’s a hard call.
President Trump recently stated on declaring an end to social distancing: “Couldn’t it lead to death? Staying at home leads to death also, and it’s very traumatic for this country. Staying at home, if you look at numbers, that leads to a different kind of death, perhaps, but it leads to death also. I’m going to have to make a decision, and I only hope to God it’s the right decision. But I would say, without question, it’s the biggest decision that I’ve ever had to make.”
Meanwhile, the governors (mostly Democrats) led by Andrew Cuomo, are taking a more “go slow” approach. “If you do it wrong, it can backfire, and we’ve seen that with other places in the globe,” Mr. Cuomo said. “What the art form is going to be here is doing that smartly and doing that in a coordinated way.” They are also squabbling with the president over who has the power to direct the reopening. Cuomo, calling in to CNN: “You don’t become king because of a national emergency.”
Although I am very much a man of the right my purpose here is not to litigate that issue. It’s to point out that the most crucial thing is that the government adopt the right policies to allow the economy to snap back fast. The Capitalist League, of which I am co-founder and president, prescribes this “one weird trick”: Capitalism! It’s been tried and proved true at turning national destitution into national prosperity, fast. It would return America to prosperity. Fast.
We have distilled the requisite prosperity policies into the Ten Commandments of Capitalism, first published in The Capitalist Manifesto which I coauthored. These are rooted in fundamental economic laws that make the difference between wealth and poverty. By applying all ten at once, the American economy will take off like a rocket. Here they are:
1. The highest marginal income tax rates for individuals and businesses shall not exceed 28%.
2. There shall be no reduction or elimination of income tax deductions and credits unless matched dollar-for-dollar by further reducing tax rates.
3. All assets will be indexed to inflation for the purpose of calculating capital gains.
4. No gift, estate, or inheritance tax shall have a top rate of more than 10%. and no such tax shall be imposed on any such transfers of $10 million or less, annually adjusted for inflation.
5. The federal government shall generously fund research and development which are the foundation of the nation’s prosperity, skilled jobs and material quality of life.
6. The dollar shall be defined as a fixed weight of gold legally convertible by any person or entity, foreign and domestic.
7. The Treasury and any other instrumentality of the United States shall not incur any additional bonded liabilities except upon approval by two-thirds of the legislatures of the States.
8. Civil asset forfeiture to the federal, state, or any municipal government is prohibited and criminal and civil fines shall be proportional to both the ability of the adjudicated party to pay these and to the severity of the infraction.
9. No regulation effecting more than $100M in economic activity shall be adopted until enacted by the Congress of the United States and signed by the president.
10. No government shall exercise control over wages or prices, including the pricing of telecommunication services, rent, or imposition of a minimum wage
As Paul Romer, the greatest supply-side economist you’ve never heard of observed in 2004 (before the left stole it!): “A crisis is a terrible thing to waste.” Rather than wallowing in obscene levels of deficit spending let’s use the “pandepression” (pandemic+depression) in a constructive way.
We can rebuild our economic security by unleashing the power of human drive and inventiveness. How? Use the Capitalist Ten Commandments to quickly restore America’s economic and physical health.
In coming installments, I shall show how and why each of these commandments works to promote the general welfare and secure the Blessings of Liberty to ourselves and our posterity. For those impatient to help lead our elected officials’ steps onto the Paths of Righteousness and National Abundance the Ten Commandments are already listed on The Capitalist League’s website.
Western Journal readers can also subscribe, free, to our weekly bulletin to learn what the league is doing to restore prosperity through capitalism and how to help lead the movement.
Capitalism generates prosperity. Accept no substitutes!