I promised an answer to this burning question with today's post. Here it is. We need to immediately do several things. (Immediately if not sooner.)
First, all limits on drilling for oil need to instantly be eliminated. The Keystone XL pipeline from Canada to the gulf coast needs to be started now. Fracking must freaking move ahead full bore. All of the "tree hugging" crapola must cease and desist and now. The closing of coal fired power plants is also imminent, and the EPA needs to be reined in to stop this before it happens.
All of this stuff limits the supply of energy. That drives up the cost and drives down the demand for energy artificially. The demand is driven down in several destructive ways. First, manufacturing leaves our country for greener (cheaper) pastures. Second, fewer workers are driving to work, thus using less fuel. Third, discretionary travel (a vacation) drops precipitously. (By the way, does driving manufacturing to Mexico or China make the environment cleaner? Hmmmmm???)
Getting the supply of energy up rather than down will definitely drive the price down. That will offset a lot of other higher costs of manufacturing in the USA. That will stem the tide of movement offshore, and I believe it will bring some manufacturing back. We just absolutely can't roll over and accept the loss of manufacturing jobs.
There are other costs of manufacturing that must be reduced as well. Get rid of all those new regulations that the Obama administration has put in place. Those tie the hands of business. The Dodd-Frank legislation limits the lending operations of banks, and that reduces the money supply that could bring real estate prices back and help generate demand for big ticket items like cars. It would be a huge oversight to not mention that our employers are paying a lot more today to provide insurance that meets the requirements of Obamacare. Of course, we also pay more for medical care ourselves for the same reason. Please, please, please, get this government out of the way. Get it out of our individual way and out of the way of business. Stop trying to protect us. Stop trying to help us. We wouldn't need any help if it wasn't for the government help.
The minimum wage must be eliminated immediately. All it does is make people whose work is worth less than the current minimum wage level unemployable. Let's start to phase out welfare and food stamps and other forms of government assistance. That will force the unemployed to go find a job, and with lower wage levels, unskilled jobs will be available for these people again.
Revive the old Cut, Cap, and Balance bill that was proposed a while ago. We need to instantly have a balanced budget, and it needs to be balanced by cutting spending only. Whole parts of the government need to be instantly eliminated. The growth in government revenues must come from economic growth, not tax rate increases. Tax rate increases don't generate new revenue. If you believe the tax rate increase on rich people or anyone will raise tax revenues, then you are believing a huge myth.
I believe that just balancing the budget is not enough. We may never even get to that point, but I don't think that our goal should limit us to this incomplete outcome. Our government must do what we do at home. We don't take out a mortgage on a home, but never even pay it down a bit. We pay it off. The government needs to take the growth that happens, whenever it finally happens, and use the revenue growth to rapidly pay down the debt. Let's cut the crapola, and there's a bunch of it in the government. If you cut half of the waste, fraud, and crapola in government, we will run a $750B annual surplus forever. Do it! Use it to pay off the debt! End this MessAPolitico today!
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