Step 1: First World countries return the billions (trillions) of dollars they've expropriated from Third World countries over the years (and affluent areas within the First and Third Worlds do the same to the impoverished ares within them).
Step 2: Keep most future wealth within the communities that produce them.
Problem solved.
You mean the money provided for third world countries in foreign aid?
I'd start with repealing the 17th amendment and replacing the federal income tax with the VAT. This would allow more money in the pockets of Americans. Tax values added to products, materials, or services throughout manufacturing and distribution. Manufacturers would remit the difference of the two amounts and retain the rest for themselves. Differences remitted to the federal government will generate additional tax revenue. Companies purchasing manufactured products to sell in stock may deduct VAT's.
As for banks, I'd propose that they are to force sell or divest collateralized debt obligations backed by preferred securities. It's very important that banks don't engage in propriety trading or invest in hedge funds of private equity. Liabilities should be limited for the largest banks. Any deposit taking institution is to be forbidden from engaging in risky behavior. My administration would encourage banks to allow flexible mortgage rates in order to stabilize the housing market ensuring they get their money back to stabilize the housing market.
Free trade is essential for the consumer in increasing competition and enforcing ethical measurements. It's also good for foreign policy. The reason companies move overseas is higher wages, corporate taxes, and regulations. In order to bring them back, the corporate tax would be lowered to 34%. Our nation should be embarrassed by having the highest corporate tax in the world. Those who lose their jobs due to outsourcing, I would propose an extremely lengthy and detailed bill to provide job training programs.
Immigration would be encouraged to help our economy at a near open boarder stance. Guest Worker programs increase competition.
What this country needs is a constitutional amendment guaranteeing an annual minimum wage increase based on the cost of living. Initially, I'd call on congress to raise it to $8.00/hour or slightly higher. States should be running this on their own as well. However, a base pay is necessary for the sustenance of the less fortunate.
I'm not sure if welfare fits into the economy, but I'm going to since I've included the private sector. Our goal is to maintain the welfare reform levels and policies from the 80's and 90's. One welfare parent would be required to work at least 16 hours a week. Single parents would be required to further their education if unemployed. Teen parents would be required to stay in high school to receive benefits. All welfare recipients would be required by law to work at least 100 hours in a month. Unemployment benefits would be maintained at their current levels. States struggling to meet these requirements would receive Block Grants in order to provide flexibility and the same goes for TANF. Block grants for food stamps would continue in their current form but of course could be adjusted based on the economy.
Regarding social security, I propose Al Gore's idea of a lock box where congress isn't allowed to touch this portion of our budget. We owe it to our seniors. The retirement age would be set at 62. Younger workers in the workforce is important for a continuing nation of prosperity from sea to shining sea. Medicare for seniors would be maintained as a fundamental of our nation's compassion.
On another thread I proposed my medicaid/healthcare plan. Those making under roughly $30,000 would be eligible for medicaid and couples making under $50,000 as long as their employer doesn't offer benefits. There wouldn't be a requirement as in Obamacare. Insurance companies still can't deny for pre-existing conditions and parents could keep their kids on their insurance until the age of 25. Illegal immigrants would be welcome to apply for medicaid if qualified. The fact of the matter is that if they go to the emergency room, they can't be denied treatment. Therefore, we'd be paying for it anyways after the fact. This way it's paid for up front.
