I’m not an economic genius, I’m just a middle class guy who has a knack for saving and investing for myself with a few hundred thousand bucks in my 401k, a house that I bought for cash and remodeled for about half-again as much as the purchase price with two reasonably new cars in the driveway. The extent of my economics education was one semester of Econ 101 and 57 years of living mostly in this country.
The President called together some economics experts from academia and asked them how he could fix the economy. According to the Washington Post, they told him to forgive mortgage debt. Geitner, the tax cheat, responded; “How do we get this done through Congress?”
Yeah, that’s the problem – getting it through Congress. Not like it adds to the uncertainty that’s already already driving this economy into the ground. Who would take any US debt instrument seriously ever again if the government forgave mortgages?
The solution to the economic problem in this country, aside from drilling our oil and gas natural resources, is to add certainty to the economy. Employers are not hiring because there is too much guess work going forward in regards to impending tax hikes, this administration’s plan to penalize energy consumption, and their generally anti-business attitude.
The easiest and cheapest way to fix the economy is to make the current marginal tax rates permanent – permanently, trash plans to pass the “Cap and Trade Bill”, extend the Obamacare effective date, if you won’t end it and quit trashing clean coal. Stop talking about mortgage relief. All of that might give employers a little confidence in the future of the economy so they’ll start hiring again.
Then after you do all of that, put the Energy Department to work slicing it’s way through the red tape to get refineries and pipelines built, start drilling for our own energy resources and cut our umbilical cord to the Middle East’s oil. Let the Arabs wither on their vine and put Americans to work building the new infrastructure we’ll need to get our own energy to market with the money we’re not sending to OPEC.
I’m no economist, but all of that is glaringly apparent to one little guy sitting on a mountain top in West Virginia, so why don’t those morons in Washington see it from their catbird seats?