Economics

Here is one recipe for rapid correction of a massive and steadily growing national debt IF such is desired after gaining an appreciation of reality.

In summary four steps are required…

 

  1. The ultra wealthy demonstrate their financial acumen by paying off the national debt in one day by investing in national projects and receive tax breaks as a reward to stimulate their further success.

  2. Budget Reform empowers each income tax paying individual or business (not the politicians or the government) to control the budget.Congress sets fees, tariffs, duties. Underfunded departments privatize or fold.

  3. Tax Reform provides relief so that a citizen's subsistence level is not taxed, and the rest of his or her income is taxed with a flat tax -- no loopholes, no exemptions. Businesses and organizations have a similar simplified schedule.

  4. Congress abolishes the Fed and the Treasury issues debt-free currency backed by a standard based on the value of human labor. 

Recommended Reading

  • After America

    This is a fat book full of sobering information about our country’s fiscal mismanagement, based on the self-evident belief expounded by economist Herbert Stein: "If something cannot go on forever, it will stop."

    Buy

  • The Revolution: A Manifesto

    Paul generally has been one of the few sane legislators in the U.S. (with a few exceptions such as his notion of going back onto the gold standard), but the state of a nation is a reflection of the decisions and actions of its citizens as a group, (NOT the government).

    Buy

  • Ain't Nobody's Business if You Do

    Hard copy available for purchase and free PDF available for download.

    Buy

  • The 7 Deadly Innocent Frauds of Economic Policy

    I also highly recommend visiting Warren Mosler’s website.

    Buy

  • The Declaration of Independence

    Of course I highly recommend giving the Declaration of Independence a read.

    Read

  • The Constitution of the United States of America

    And naturally, the U.S. Constitution…

    Read
 

Modern Monetary Theory

Mike Norman has a great Youtube channel discussing Modern Monetary Theory. Here are a few of his best.

 
 

Paying off America’s Debt

The U.S. Can Never Become Insolvent

MMT Concepts

Gold is Not a Currency

U.S. Dept is a Myth

Monetizing the Debt

After America Summary

In case you are too busy to read the details, here is a quick summary of Steyn's recommendations in After America:
Let's get started; de-centralize (DIY); de-governmentalize (less Big Gov, more state, local, personal responsibility); de-regulate (trust that people can do a good job); de-monopolize (less big gov); de-complicate (fewer third-party transactions); de-credentialize (fewer paper titles, more skills); dis-entitle (return to personal responsibility); de-normalize overspending (on your average salary a "trillion" is not normal); do something about it; live free.

Here is a startling position paper by Boldrin and Levine, “Against Intellectual Monopoly”