Let's suppose I would be elected as US president, what would I do in order to fix the economy and restart it's massive growth, as it was in the 19th century.
It is true that a developed country has little room left to grow because most economic entities are already established, however in a developed country the government is big too, which is a huge burden on the economy.
In a theoretical scenario if I would have all power, this is what I would do in order to fix the economy:
1) Default on the Debt and Eliminate the Personal Income Tax
The only reason why the Income tax exists is to pay down the interest on the debt, it is the collateral for the debt. If there is no debt, there is no income tax. Very simple.
2) Reduce the Military Size and Spending
If there is no big military, it can be easily sustained and there will be no need for debt.
3) Improve Diplomacy
Diplomatic relations has to be improved especially with arab countries. This would decrease the risk of terrorism and the need for a big military. The burden on the economy would be greatly lifted.
4) Reduce Corporate Taxes and Install Import Tariffs
Corporations move all their money to offshore where they are just sitting and are not invested in the economy, due to fear of big taxes. If the taxes are smaller, and imports are discouraged, corporations will be less incentivized to ship jobs overseas. Also the excess capital they will have due to lower taxes will incentivize them to invest in the country, create more jobs, and serve the home country, without moving jobs away. Import tariffs would only be for commercial items paid by corporations, if you want to buy a shirt from Japan, you would pay 0%. I would eliminate custom duties as well, and any other trade restriction.
5) Government reduced to 1800 levels
Government has become too big in the past 200 years, we need to go back to 1800 levels, with low taxes, no or little regulation and a more flexible economic model.
6) Reinstall a Gold Standard, and a Blockchain USD
Reinstall the Gold Standard and make the USD a blockchain, so that the FED will become transparent. All money printing will be visible in the public blockchain and they will be accountable. Possibly later we could use a cryptocurrency standard as well, but for now a Gold one is enough.
7) Ban Fractional Reserve Lending
Fractional Reserves is clearly a ponzi scheme lending system, and ponzi schemes are highly immoral, so is this method. Banks should no longer give out money out of thin air to lend, they will have to loan their capital or their customer's capital, but not money out of thin air.
These are my suggestions, vote for me in the elections, or at least upvote me on Steemit, and let's:
#MakeAmericaGreatAgain