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JTown's avatar

It is the economy stupid even when it relates to the crazy right-wing. Good jobs calms a lot of that down.

President Biden announced early on a "Buy American" Executive Order which is supposed to affect hundreds of billions in federal procurement. If successful that alone could create millions of new jobs especially in "flyover country" or Main Street America if channeled properly.

Of course every president since FDR has had some sort of "Buy American" initiatives. The problem is the Reagan administration negotiated treaties under GATT, the precursor to the WTO, that literally decimated entire industries that sustained Main Street America in favor of global corporations. That's the beginning of "Globalization".

Getting around all the Reagan administrations supply side finagling will be no small task for this administration but for the first time a Democratic administration seems to realize what the issues are. I could not say that about the Clinton or Obama administrations.

The following things need to be done to once and for all fix our economy so there are good jobs for all Americans.

1. End the Wall Street writ large dominance of our economy. The first step in that area is ending SEC Rule 10b-18 enacted in 1982 which allows stock buy-backs in violation of the 1933-34 Securities Exchange Acts. This rule has been abused to the tune of trillions of dollars to illegally inflate stock prices.

The SEC can also end quarterly reporting that adds nothing but market volatility.

2. Reform federal procurement rules and enforce small business set asides as well as buy American which are too often going to foreign or offshored manufacturers.3. Corporate tax reform that incentivizes investment in plant and equipment rather than incentivizing capital gains of financial transactions.4. Tax corporate profits in real time for all foreign based subsidiaries of America corporations with specific focus on Big Tech's use of offshored intellectual property tax scams.

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sillyclucker's avatar

I LOVE this idea ! Could it really happen, though ?

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