On March 4, 2013, Robert Reich responds to the his “If I were President Obama I would…” blog yesterday.
Many of you have good ideas for what the President should do now. My sense is he should push to repeal the sequester (a reconciliation bill in the Senate would allow repeal with 51 votes, thereby putting pressure on House Republicans), and replace it with a “Build America’s Future” Act that would close tax loopholes used by the wealthy, end corporate welfare, and reduce the size of the military. Half the revenues would be used for deficit reduction, the other half for investments in our future through education (from early-childhood through affordable higher ed), infrastructure, and basic R&D. Also included in that bill — to make sure our future isn’t jeopardized by another meltdown of Wall Street — would be a resurrection of Glass-Steagall and a limit on the size of the biggest banks.
Robert Reich continues to avoid addressing outright the issue of CONCENTRATED OWNERSHIP of productive capital wealth assets and the job destroying and devaluing that tectonic shifts in the technologies of production are having and will continue to have on a global scale. As I previously replied, if I were President Obama I would convene a national discussion using the national media and social media, and our educational institutions, to open up a discussion on EVERY CITIZEN AN OWNER opportunity. He needs to educate at this time because academia, the media, and our so-called leaders are not addressing how people make money and the significance of OWNING income-producing productive capital assets. He needs to get people to understand that without system reform as with today, in the FUTURE we will continue to experience the exponential disassociation of production and consumption, which is the reason that ordinary citizens must gain access to productive capital ownership to improve their economic well-being. This is a crucial understanding because at present for the 99 percent of the nation a JOB is the ONLY source of income to support themselves and their families. He needs to introduce a government policy focus on OWNERSHIP CREATION, not JOB CREATION, which will result and naturally follow as the economy revs up to double-digit GDP growth and fully applies technological innovation and invention to shift from unnecessary labor toil to human-intelligent machines, super-automation, robotics, and digital computerized operations. President Obama should call on the Federal Reserve to stop monetizing unproductive debt, and begin creating an asset-backed currency that could enable every child, woman and man to establish a Capital Homestead Account or “CHA” (a super-IRA or asset tax-shelter for citizens) at their local bank to acquire a growing dividend-bearing stock portfolio to supplement their incomes from work and all other sources of income. Steadily over time this will create a robust economy with millions of “customers with money” to purchase the products and services that are needed and wanted.
Reich’s term “Build America’s Future Act” is a good title for the massive investment in technological economic growth that is necessary to compete globally. But along with this is the necessity for President Obama to raise the consciousness of the America people and introduce a National Right To Capital Ownership Bill that restores the American dream of property ownership as a primary source of personal wealth. Economic growth investment without broadened private ownership of FUTURE productive capital wealth assets will just further CONCENTRATE OWNERSHIP and leave the majority of people insecure and more dependent on taxpayer-supported government welfare, open and concealed and paid for by tax extraction and national debt.
Providing a way of legitimately getting capital ownership into the hands of the people who now don’t have it is the solution to America’s economic decline in wealth and income inequality, which will result in double-digit economic growth and cause EVERY American’s income to significantly grow, providing the means to support themselves and their families with an affluent lifestyle. The Just Third Way Master Plan for America’s future is published at http://foreconomicjustice.org/?p=5797.
I would like to see Reich critique this master plan and if he does not agree state why and what he would change.
Support the Capital Homestead Act at http://www.cesj.org/homestead/index.htm and http://www.cesj.org/homestead/summary-cha.htm
