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Tags: coronavirus

How to End the Pandepression and Restore Prosperity to America

bull statue on wall street
(Roman Slavik | Dreamstime)

By Monday, 13 April 2020 10:05 AM Current | Bio | Archive

America is economically and politically adrift. There's a sure way out of the Pandemic Depression (Pandepression) engulfing America.

Capitalism.

The avidly pro-business Stephen Moore is calling for a "task force of nonpartisan/bipartisan mix of experts across industry sectors" to chart the way forward to economic growth. OK Boomer.

That said, we already know how. It's called Capitalism.

Will our leaders seize the day?

Good news/bad news.

It's mostly up to us.

Politicians lead by finding the parade and getting in front of it.

Where's our prosperity parade?

There is a story told about FDR (although it probably wasn't him). Both Saul Alinsky in Rules for Radicals and me in my book on mastering online activism, The Websters' Dictionary, retold it. Here's the version I used:

"FDR was, of course, a consummate political leader. In one situation, a group came to him urging specific actions in support of a cause in which they deeply believed. He replied:

"I agree with you, I want to do it, now make me do it."

Journalist Nick von Hoffman once told me that it was probably New York City Mayor Robert Wagner, not FDR. Someone attributed it to FDR because FDR was a lot more famous. (Now you're in on that little secret, too!)

Our elected officials, most of them — of both parties, as Bernie Sanders' falter shows — agree. They believe in capitalism.

They want to do it.

Will we make them do it?

Let's focus on how: The Capitalist Manifesto's Ten Commandments of Capitalism.

These Ten Commandments, like the biblical ones, are basic. They hold the "secret recipe" for equitable prosperity. Accept no substitutes! These are laws of nature. Laws of nature don't change whether you lean left (emphasizing equity) — like capitalist Denmark, Norway, Sweden or Switzerland. Nor if you lean right (emphasizing prosperity) — like capitalist Hong Kong and Singapore. Laws are laws.

The more and more emphatically we implement these commandments the faster and better the economic recovery will happen. If we want the economy to rise like an Apollo moon rocket we must demand that our leaders employ them. All ten. The politicos want to do it. We must "make them do it."

Unlike the commandments handed down on Mt. Sinai, the Ten Commandments of Capitalism were not divinely revealed. They were derived, empirically, from long observation on what policies create equitable prosperity. Distilled to their essence:


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 thereunto 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 affecting more than $100 million 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.

We will look into each one more deeply over the coming weeks. For impatient readers who wish to begin guiding our leaders' steps onto the Paths of Economic Righteousness (and Affluence) find them now at The Capitalist League website (where people also can sign up for a free weekly bulletin reporting on our progress at restoring true American Capitalism.) The Commandments are also in The Capitalist Manifesto, available in paperback and Kindle at good old capitalist Amazon.com.

Then what?

When the Constitutional Convention ended, a lady (a Mrs. Powell) asked Dr. (Ben) Franklin, "Well Doctor, what have we got, a republic or a monarchy[?] — A republic replied the Doctor if you can keep it[.]"

America is a republic.

The responsibility is squarely on the shoulders of us citizens.

Want to see the economy roar back to life?

It's up to us.

Let's make them do it!

Ralph Benko, co-author of "The Capitalist Manifesto" and chairman and co-founder of "The Capitalist League," is the founder of The Prosperity Caucus and is an original Kemp-era member of the Supply Side revolution that propelled the Dow from 814 to its current heights and world GDP from $11T to $88T. He served as a deputy general counsel in the Reagan White House, has worked closely with the Congress and two cabinet agencies, and has published over a million words on politics and policy in the mainstream media, as a distinguished professional blogger, and as the author of the internationally award-winning cult classic book "The Websters' Dictionary: How to Use the Web to Transform the World." He has served as senior adviser, economics, to APIA as an advocate of the gold standard, senior counselor to the Chamber of Digital Commerce and serves as general counsel to Frax.finance, a stablecoin venture. To read more of his reports — Click Here Now.

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RalphBenko
Will our leaders seize the day? Good news/bad news. It's mostly up to us.
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