Editorial
The Campaign Speech
The president's speech on the evening of September 8 was without question not a speech about the economy or how to fix it; it was another campaign speech for Obama's reelection. The plan as announced is called "The American Jobs Act" – very long on vocalization and very short on substance. The same old class warfare of "tax the rich" was repeated often. I lost count on, "You Must Pass This Bill." There are, according to White House sources, $447 billion required for implementation of this Act (Stimulus 4, one would suspect), although the president never once mentioned any dollar amount.
The true definition of insanity is to do the same thing over and over again, that has repeatedly failed before, expecting different results. (Thank you, Mr. Einstein.)
There are to be lots of tax credits, even more unemployment compensation extensions – 12 months more to be exact – reduction in payroll taxes, tax credits of $4,000 for a company that hires a worker longer than six months unemployed, more hiring of union positions – SEIU, AFL/CIO and Teamsters, school teachers, police and firefighters – the usual infrastructure fairy tale. At least we were spared the "shovel ready" line. Last but not least a $1,500 tax credit will be made available to the middle class.
"It's all paid for," he said. Well, not really. It is to be paid for out of cuts in increases of various unnamed government agencies' budgets over the next decade. In fact, we've all heard this speech many times before, several times.
Where the money comes from was not in the speech; only the statement that all would be paid for. In fact, after about ten minutes of no-substance verbiage it turned into a campaign speech that totally excluded reality or the economy. There were no specifics on funding, there was no mention of how we pay for his plan, there was no substance. There was the usual Free Trade expansion to Korea and Colombia that will kill as many American jobs as NAFTA and CAFTA combined (about 10 million). The same ridiculous notion that was presented in NAFTA, that Mexicans would be buying Chevrolets, came up with South Korea.
Mr. President, tax credits, payroll tax deductions and the hiring of more union teachers and construction workers does exactly nothing for the economy. Furthermore, it does nothing for small business that employs roughly 75% of our national labor force. And lastly, it does absolutely nothing to bring manufacturing back to America.
Let me tell you exactly what must be done to turn this economy around, and I speak with 37 years of experience as a CEO.
1) Eliminate the tax on savings account interest.
2) Eliminate all foreign aid.
3) Eliminate the Capital Gains tax.
4) Allow all business total write-off of all new equipment purchased, upon delivery, if it is at least 50% made in America or Canada.
5) Scrap Obamacare.
6) Scrap the Dodd-Frank Bill.
7) Rein in the EPA.
8) Bring all American troops home from Europe and put them on the Mexican border.
9) Bring all American troops home from Japan.
10) Bring all troops home from Iraq.
11) Bring all troops home from Afghanistan.
12) Reduce corporate income taxes to 12%.
13) Stop all export/import tax credits to American business.
14) Bring before Congress a constitutional amendment for tort reform.
15) Bring before Congress a balanced budget amendment.
16) Stop illegal immigration now.
17) Control our southern border.
18) Shut down the Department of Education.
19) Shut down the Department of Energy.
20) Shut down the Department of Housing and Urban Development.
21) Scrap Mexico out of NAFTA and scrap CAFTA.
22) Fire Bernanke and all your Czars.
23) Offer a special tax exception for two years and provide an interest-free construction loan to be paid off in five years for the total cost of any company building coal liquefaction plants.
24) Offer a 20 year long-term, no-tax bond license for the construction of any nuclear power station.
25) Allow any American corporation that has accumulated profits overseas to repatriate them to America tax-free.
Do these 25 things now and be reelected by a landslide. You will have full employment in four months. The government's coffers will be filled. Unemployment will fall to 2% in six months. Demand for labor will be so strong that the illegal alien issue will die. America will in two years be the envy of the world and the EU will follow suit or collapse.
Editor's Note: The listed "solutions" presented by Dr. Krieg – a dramatic improvement over what America has now to be sure – still suggest the "need" for government in areas that we do not believe they should exist at all. For example, why have government involved with anything to do with the building of coal liquefaction plants or nuclear power facilities? We would argue the private marketplace can suitably determine if such endeavors are profitable or not. Additionally, suggesting the firing of Ben Bernanke and the "Czars" is an unlikely possibility and one that grants license to the meme/misnomer that the president of the United States has such power. He does not. Under the current system, the president is simply a controlled puppet acting out his role on behalf of an international money power determined to foist a yoke of global governance onto the shoulders of all.
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Posted by GilbertWChapman on 10/18/11 07:23 AM
Sorry . . . I missed the "Editor's Note" regarding 23 and 24. However, I would stand by number 4, and (as noted) I don't 'quite get' number 13 ? ?
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Posted by GilbertWChapman on 10/18/11 07:12 AM
The author does an excellent presentation within 21 his 25 points.
However, aren't numbers 4 (the last clause), 13 (?), 23, and 24 examples of catering to special interests? (By example, numbers 23 and 24 appear to favor the gas and nuclear industries over the oil industry.)
Just a thought . . .
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Posted by RR on 09/11/11 04:20 AM
In one year all the US debt can be paid off by US government created money, ( remember on the other hand the Federal Reserve created money can never pay off the US debt, it actually adds to the US debt as soon as it is created ). Once all debts are paid off by US government created money the US government can choose to go to gold and silver backed currency.
Direct Democracy is the only tool I see which can help to bring back the real constitution and end the present comedy.
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Posted by RR on 09/11/11 03:18 AM
You are right. We have gold and silver as currency. Right?
We have democracy. Right?
Wake up.
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Posted by schrodingers_pussie on 09/10/11 11:06 PM
"I prey". And everyone else preys on the proletariat too. That's the problem - too many preying and not enough producing.
If anyone REALLY wants to approach a solution, the U.S. military MUST be reigned in and its budget cut by AT LEAST 75%. This includes the VA. They're about half of the total budget now.
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Posted by schrodingers_pussie on 09/10/11 11:00 PM
The Constitution was shredded by Abe Lincoln. Too late to shred now!
Even Andrew Jackson refused to obey the Supreme Ct.
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Posted by John Danforth on 09/10/11 06:37 PM
The constitution says gold and silver coin ...
And forbids direct democracy ...
Should we just shred it?
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Posted by Hognutz on 09/10/11 06:30 PM
Hell, Mr. Krieg, if you were to run for President, and would keep your promises, I would vote for you! I like all 25 points... ... ...
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Posted by Avatar on 09/10/11 04:52 PM
The true definition of insanity is to do the same thing over and over again, that has repeatedly failed before, expecting different results. (Thank you, Mr. Einstein.)
I agree with 90 % of his suggestions, especially those ending military hegemony. Of course the question comes down to: Do the Elite put USA first or World Corporatocracy first. Both branches of the Republicrat party always seem to be playing re-election most of the time. This is why the USA should have a one 5 year term for its presidents and term limits on the congressmen.
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Posted by dright on 09/10/11 03:05 PM
Like your list but you forgot 3 things that Mish is always stressing and I have to concur.
1 Scrap Davis-Bacon
2 National Right To Work Law
3 Ban public union collective bargaining.
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Posted by SoCal fellow on 09/10/11 02:11 PM
"... 24) Offer a 20 year long-term, no-tax bond license for the construction of any nuclear power station... "
Only if it is a thorium plant, right, Dr. Krieg?
Click to view link
Fukushima has opened my eyes to the dangers inherent in our current nuke power plant designs.
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Posted by BJ on 09/10/11 01:48 PM
Well thought out article by Dr. Krieg. I concur although question the timeframes for increased employment.
But, I do not concur with the editor's comments that Obama cannot fire the czars. Czars are his personal assistants funded from the White House budget, and not vetted by Congress. Therefore, he hired, he can fire.
Personally, I think Congress should reclaim its power and pass a law forbidding the president from placing power in the hands of those on the presidential staff who have not been confirmed by Congress.
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Posted by RR on 09/10/11 12:36 PM
My plan updated:
1) Let the Government of USA create the US money instead of the Federal reserve which is a money cartel.
2) Introduce Direct Democracy.
These acts alone will be enough.
The power to execute this will by default take care of all the things you mentioned. Whoever is so powerful and enlightened to do this will surely take care of all the other things. Unless you kill the source of their funding you can not kill the beast.
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Posted by R on 09/10/11 12:22 PM
Excellent start to correct the country, and it is made better with the additiona of the Editor's Note. The Fed also needs to be removed and/or disassembled.
With respect to coal liquefication, I suspect that your intent is for the government not to tax it out of existence before it starts. I agree that the government should simply stay out of the way.
If the process is viable, venture capital will be available and it will thrive in the open free market.
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Posted by davidnrobyn on 09/10/11 11:50 AM
Great plan, but it'll never, ever happen. I take exception to one point, though--the "illegal immigration" one. In the absence of a welfare state, what's "illegal immigration"? What would be the point?
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Posted by John Danforth on 09/10/11 11:33 AM
"Fire Bernanke"
And keep the Fed??
No! End the Fed.
Leviathan is teetering on the tightrope he created. It might be better to push him over with a finger than to spend all your strength trying to save him. Depends on how much you figure you have to lose. At the end you are likely to to wind up with little to lose either way.
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Posted by jkluttz on 09/10/11 11:07 AM
The only way out for us now is to put all three branches of the federal government into receivership. All that is required is an honest receiver who can read the Constitution.
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Posted by kenn on 09/10/11 10:53 AM
Looks like the Gestapo stays,
The TSA stays
The Patriot act stays
The Fed stays
All the spy agencies stay
The EPA stays
The (enter number) foreign military bases stay
The Global Free Trade Treaty WTO stays
Basically the empire stays, AND we get 200,000 troops on our borders harassing all the new found terrorists. WAST anyone?
Corporations get big 12% ,,, their not paying much now! And besides, whatever taxes they do pay is included in their pricing structures so a 12% tax decrease would mean bigger bonuses for the parasitic management we have these days... . You really don't think they would pass on the savings do you!
Did I miss the tax breaks for us mere humans? Really doesn't matter does it,,, as none of us will be working to enjoy it.
The NAFTA jobs are gone, most went from Mexico to China. The CAFTA treaty is mainly agricultural. Might give the migrant farm workers more jobs in the US "IF" they can get past the 100,000 bored to death troops on the border.
Anyone can see most of the list is corporate gifts. Fascism is the only disease that spreads faster than gonorrhea although they do have some commonality.
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Posted by IndyLyn on 09/10/11 09:00 AM
Absolutely, and with the Editor's clarifications... .spot on!
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Posted by rupturedduck on 09/10/11 08:44 AM
I like the list. What baffles me are supposed conservatives calling for the
speedy passage of a bill that will run thousands of pages that nobody has read, again. With borrowed money, again. This insanity has to stop, it's not for the good of the country. The tea party freshmen in the House should know better, when are they going to draw the line? This is one reason why they shouldn't have caved on the debt ceiling, there is no political gain in it either.
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