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Lou Dobbs' Independent Convention
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Restoring America
12/30/2009 Update to the story below: I would urge every American to read "Saving Capitalism" by Pat Choate. And no, I do not have any vested interest in this recommendation. More than providing 20/20 hindsight about our issues, he has some great tactical and strategic thoughts on how to actually fix our economic mess. Key issues I missed were adopting an Alternative Minimum Tax approach, which will instantly help with balance of trade. US companies are at a 20+% trade disadvantage globally. Also, I missed the clear need for campaign finance reform and regulation of lobbying efforts.
This is an evolving story that reflects my views on the issues for this Presidency.
First Presidential Debate: I was underwhelmed by how little both candidates were able to speak to globalization vis-a-vis the current economic crisis. No home runs hit. Obama won.
Vice-Presidential Debate: Waste of time. Second Presidential Debate: I heard almost nothing new and was candidly disappointed that neither candidate answered many of the questions. As an example, a key question about the debt was glossed over. Obama responded by talking about taxes and McCain said they'd work together to solve it. Nobody offered anything constructive. Just awful! The fundamental flaw in McCain's argument was that he blamed the economic crisis on the mortgage crisis. The mortgage crisis is an effect, not a cause. Obama's approach to balanced free trade, which he represented very poorly, at least focuses on the problem, not a symptom.
Third Presidential Debate: McCain mostly on the attack regarding Obama's character with baseless innuendo while Obama focused, to the extent possible, on issues. McCain still doesn't get that job losses, diminishing inflation-adjusted incomes, and unbalanced free- trade must be dealt with strategically. Again, no new information discussed. In my opinion, Obama did what was necessary to defend his position and McCain missed his opportunity to sway me. Joe the Plumber from Ohio couldn't have gotten better press for his new business!
While I still count myself among the Middle Class where I've been most of my 20+ year professional life, practically speaking, I am now a remarkably well-educated poor person who can't find work. The issues ... where I'm looking for leadership ... include the following:
1. With a well-reasoned approach that addresses mainstreet issues directly, REPLACE the bailout!
2. Let's start with accurate metrics (e.g., unemployment should be U6, not U3)
http://www.bls.gov/news.release/empsit.t12.htm. You can't manage what you can't measure. America can't get behind objectives that it doesn't clearly understand and believe. Once valid metrics are set, we need a consistent basic dashboard to measure and report progress. This is the tool that our President should take out during every speech on the economy.
3. Reform taxes to provide clear and unambiguous disincentives for off-shoring of labor and manufacturing to countries that do not support balanced trade or labor rights parity. Better balance of trade is key to restoring the middle-class. If you are a company abroad and want to buy a U.S. company, you still need to manufacture and employ people here. This though is not enough. We need to incent domestic R&D, particularly in alternate energy sources and fully electric transportation, and job growth.
4. Do not increase capital gains or general business taxes. This would contract global investments in the US and the economy.
5. Health insurance reforms are needed. Adopt a foreign model that works.
6. Legalize drugs. Sell it, tax it, control it, and help those dependent upon it. This is vastly cheaper and more effective.
7. Support US sovereignty and enforce immigration laws. No Safe Cities!
8. Except for those people incapable of work ... EVERYONE WORKS! Programs to train people for new industries must be government sponsored or sponsored with tax credits.
9. Nuke our failed trade policies and renegotiate free trade agreements to promote balance of trade and govern sovereign wealth fund investments.
10. By legislation, since the banks will not otherwise get this right, home mortgages must be determinable based on the income of a single primary wage earner. Alternately, establish firm thresholds for income to debt with clear tax incentives to buyers. We must encourage savings and investment.
11. Be proactive. Stop using tax dollars to bail out banks.
12. Families on the edge must be given the time and protection needed to get back on their feet. Current economic times cannot be allowed to become the Great American Land Grab.
13. Teach personal finance in schools as a required course.
14. Increase the minimum retirement age to spread out the Social Security, Medicare, and Medicaid burdens.
15. Allow people limited investment opportunities for their Social Security. I am not suggesting privatizing Social Security.
16. Most debts should not survive bankruptcy.
17. Increase the minimum wage and adjust with inflation.
18. Don't promise what you can't deliver either domestically or abroad. For a period, this may well mean that we can't help those going through terrible times abroad.
19. Use our military correctly and legally. Maintaining the US hegemony with unilateral military action is not sustainable.
20. Lead resolution of global issues by example.
21. Civil rights, including a woman's right to choose, should be honored.
Great refs: _
Our President cannot solve these issues unilaterally. At best, he can inspire solutions and VETO Bills that create more problems than they solve.
I remain unclear about the net impact of taxing people with higher incomes. Capital gains should not be taxed at a higher rate. This would be a disincentive to investing. The solution to most of our issues will come from balanced trade. New jobs are not keeping pace with job losses. The result is ever-increasing unemployment.
The Dollar is the foundation of the US economy. I would urge everyone to understand the impact of petrodollars and how our nation prevents movement away from the Dollar as the primary global reserve currency. It will open your eyes to the true issues and risks we all face. We ARE at war and it has almost nothing to do with terrorism.
Economists agree that 100,000 to 150,000 new jobs need to be created in order to keep pace with new workers entering the workforce. As of 10/3/08, YTD net job loss was reported to be 750,000. Conservatively, that means that in 2008 alone, there is a 1,650,000 (900,000 + 750,000) job deficit! We can look to trade imbalance and failed fiscal policies for this mess. This is not the normal cycle though. Servicing our true national debt and the potential for failed petrodollar recycling are threatening the American Dream.
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