The Economy in the United States is undoubtedly linked to the world economy. There is no turning back. It is a given. But we can fix our economy. That would go a long way towards fixing the economy elsewhere. The bonus in resolving the economic issue is that it would fix a multitude of other problems (anybody heard of the healthcare crisis which isn’t really a crisis by itself). So here are five things that I believe would be the foundation for fixing the economy:
- Roll back and lock in environmental laws to late 1980’s (or so) limits. Make a LONG TERM COMMITMENT to NOT CHANGE those limits so business leaders know they can count on not having to spend billions of dollars to keep up with ever changing, more restrictive environmental laws.
- Reduce federal spending by thirty to forty percent. Some public employees will lose their jobs, but an expanding private sector will pick up those jobs and then some.
- The SEC should set limits on executive compensation, which is way out of whack with the rest of the world.
- Establish financial limits on jury awards regarding pain and suffering and loss of companionship (among other contrived bases for financial compensation).
- Allow oil exploration in United States territory with known oil reserves, whether it is off the coast of California or in the Alaskan tundra.
The same week President Obama made a speech about stimulating the economy and promoting job growth in the United States, the EPA announced stricter smog limits for much of the country. I don’t know about you, but I saw jobs fleeing the country. That’s a big DUH! About federal spending; I was looking at my paycheck. The federal government takes greater than 80% of the taxes that come out of my check. That’s bass-ackwards. If most of the money went to my local or state governments, they could do more hiring to fix roads and bridges, do local projects, all at a far less expensive price tag than the fed. And if the federal EPA got off the states’ backs, imagine the savings. I want to touch on executive compensation; it is outrageous that a person can make tens of millions of dollars running a publicly traded company, regardless of whether they are successful or not. It is downright criminal if they drive a company into the ground and get a golden parachute. Finally, it is rumored that the United States has more untapped oil reserves than any country in the world. Start drilling, at least while we learn how to power our economy on hydrogen. Come on folks, let’s get with it.
Author of A Lifetime of Vengeance, A Lifetime of Deception, and A Lifetime of Exposure