On December 30, 2012, Michael Hiltzik writes in the Los Angeles Times that Washington’s proposed budget solutions are ever more irrelevant to the problems at hand while being protective of the 1 percent.
UC Berkeley economist J. Bradford DeLong observed last week that we’re not heading toward the fiscal cliff so much as waiting for the “austerity bomb” to detonate. The lighted fuse on that bomb, he computed, has already cut likely growth in real gross domestic product for 2013 to 2.5% from 3%.
The policy positions on both sides presage smaller government, which is not the right prescription for an economy still struggling to recover. There will be lower federal spending at a time when the government participation in the economy is still crucial; there will be less take-home pay for the middle class and the working class, who pump almost everything they have into the marketplace.
The disagreement in Washington is no longer whether to cut, but where and by how much; and whether the seemingly inevitable end of the payroll tax holiday for working men and women will be balanced by continuation of their reduced income tax rates.
Michael Hiltzik, as with his colleagues in the national media, continue to be oblivious to solutions that empower ordinary Americans to acquire and build over time a viable income-producing capital estate with ownership shares in existing and future growth company assets resulting from the constant, exponential growth of technological innovation and invention resulting from tectonic shifts in the technologies of production. Hiltzik et al are stuck in one-factor labor JOB CREATION thinking and are oblivious to the significance and absolutely necessity for broadened private, individual ownership of FUTURE productive capital formation and economic growth.
Hiltzik and his colleagues in the national media would do the people a great service if they would the address the issue of CONCENTRATED OWNERSHIP of the productive capital wealth of the United States and explore solutions to broaden private, individual ownership in FUTURE productive capital economic growth to effectuate making EVERY American a capital owner, who over time can build a viable income-producing capital estate to sustain them during their lifetime. This is the ONLY real solution to a declining economy with less and less “customers with money” and increasing reliance on taxpayer-supported (taxation redistribution and national debt) government welfare, open and concealed.
Support the Capital Homestead Act at http://www.cesj.org/homestead/index.htm and http://www.cesj.org/homestead/summary-cha.htm
Sign the Petition at http://signon.org/sign/reform-the-federal-reserve.fb23?source=c.fb&r_by=3904687
Sign the WhiteHouse.gov petition at https://petitions.whitehouse.gov/petition/reform-federal-reserve/PhY3Jswk
http://www.latimes.com/business/la-fi-hiltzik-20121230,0,966732.column
