For some months I have been railing against the Obama administration rightfully claiming that they have done everything wrong that could be done wrong. I have said that this includes social, economic as well as energy related issues. The time has come to state what in my opinion would reverse our national demise.
- America is the only industrialized nation of the West that taxes interest earned of savings accounts This single act prevents capital formation by banks and is the reason that America has the lowest savings balances in the world. SOLUTION Eliminate all Taxes on Interest earned on Savings accounts.
- Eliminate all foreign aid immediately!
- The Capital Gains tax is a tax on inflation. It is double taxation. It stifles capital formation in business. It induces American producers to manufacture offshore. It increases unemployment and prevents R&D investment. SOLUTION eliminates The Capital Gains tax.
- Over regulation by EPA, Labor, OSHA, and other members of the alphabet soup of federal agencies have driven the cost of compliance with regulation since the inauguration of Obama up by over $2 trillion. Many of these regulations only serve the purpose of power centralization in Washington providing little or nothing in the form of benefits to society. These horrific costs are passed on to consumers in the higher cost of production, or worse yet in the relocation of many plants offshore. SOLUTION all existing Regulatory law must be reviewed based on common sense results and cost analysis. All new regulations must be peer reviewed by retail, manufacturing and producing sectors of the economy.
- While some sort of national healthcare system may well be of benefit the 2000 plus page Obamacare legislation that was not subject to debate, peer review, or common sense must be repealed and Replaced with a market based system that is fair and functional.
- The Dodd- Frank bill is the worst piece of legislation after Obamacare and must be immediately repealed. This legislation adds massive compliance burdens on all business and prevents all business from expanding or investments. It also drives business to move overseas.
- Our military costs must be drastically reduced. This is possible while maintaining a strong military posture. SOLUTIONS include the Removal of all US military from, Europe, Japan, and Okinawa, nations that can easily defend themselves. The alternative is that those nations pay 100% of the upkeep of our troops in their sphere of influence. Secondly end our war in Afghanistan immediately. The concept as put forward by the military that they need more time to train Afghan forces is a red herring. We have been in Afghanistan for over 10 years; the army can train an infantry soldier in America in six months so the training issue is pure BS. Immediately pull all our troops out of Iraq. The invasion was based on lies and misinformation from the very first day. We have no business in Iraq get out. We still have military bases in over 100 nations, we were never intended to be, and our citizens never desired to be an empire, bring all those troops home.
- The desire is to create jobs SOLUTIONS are as follows. Beginning in fall of 2011 all manufacturing industries still in America will be allowed a 100% write off for the purchase of any newly purchased manufacturing machinery providing over 50% of the cost of that machinery is domestically made in the USA or Canada. Corporate income taxes must be reduced to compete with those of our worldwide competitors. America has the highest corporate taxes of the industrialized world, this in unacceptable. Corporate income taxes must be cut to 12%.
- American industries hold over one trillion dollars of profits overseas because the repatriation of those funds will subject them to American federal income taxes. SOLUTION give all American companies a 60 day window during which time they can repatriate any off-shore funds without paying any taxes on them.
- America is the most litigious nation in the world. The average American made manufactured product is 15% more expensive due to the cost of product liability insurance. Foreign producers because they have no attachable assets in America do not share this cost burden. SOLUTION we need immediate Tort Reform, in which we strictly limit compensation to reasonable levels.
- Our tax system is a national disgrace. I am not aware of any living soul that understands this over one million word mess. The government’s collection agency, the IRS, violates our laws, establishes its own presence of law, bullies and threatens citizens. The 16th amendment must be repealed, the IRS disbanded and our federal tax structure must be based on consumption. A national sales tax of 12% on everything except one home and one car per family is the solution.
- NAFTA and CAFTA (Free Trade) have proven to be a national disaster for America. Prior to these agreements in 1991 America had a trade surplus with Mexico of $5.7 billion annually, today we have an annual $64 billion deficit. That is a loss of $69.7 billion per year. Remove Mexico from the Free Trade agreements but continue them with Canada.
- Illegal immigration must be cut to zero now. SOLUTION the fence along the Mexican border must be completed over the entire length. The top of the fence must be electrified. Border patrol agents must be augmented by US military armed with live ammunition under the supervision of the border patrol. We now have over 20 million illegals in America about 500,000 of who are convicted felons. All convicted felons must be immediately deported to country of origin. All must have an RFID chip implanted that cannot be removed without causing severe injury so that they will be unable to return. All illegal immigrants are to be provided an ID card based on time in country, which will allow application for a green card after ten years of residency with a clean legal record. All illegal’s in order to obtain a green card must demonstrate thorough test knowledge of the Constituion, American history, The Bill of Rights, and the ability to read and write English.
- Numerous federal departments and cabinet positions must be eliminated. Many of these agencies costing billions upon billions of dollars serve no useful purpose simply being bureaucratic holdovers from previous administration. 1) The Department of Education, at present cost $71 billion. The great accomplishment of this agency since it inception has been the lowering of students comperdancy on a world basis from number four in the world in 1979 to number 34 in 2011. 2) The Department of Energy cost $27 billion. The major accomplishment of this agency has been the increased dependence on foreign oil by a factor of 15, raising the cost of building a nuclear energy electric plant to over four times the world production cost through over regulation. Causing fuel shortages. 3) The Department of Housing and Urban Development costing more billions has a national record of building and managing developing slums. 4) The Department of labor, which is a hangover of the progressive Wilson administration, serves no purpose of use in this century. Only about 9% of America’s labor force is unionized and they seem more than capable of looking after themselves without government help.
- Our national energy policy as well as leadership in it is non-existent. We are importing more oil and fuel every single year, while having the largest carbon-based fuel reserves in the world. Energy crisis made in Washington was an ANU position paper that I authored. (www.anu.org) We must end the environmentalist rule of terror in our society and our government agencies. We must produce in Alaska and everywhere else, not only do we have the largest reserves of oil, gas and anthracite coal we also have shale oil deposits that are larger than Saudi Arabia’s. SOLUTION we must Drill Here and Now. We must build at least six large coal liquefaction plants utilizing the Fisher Trope process to increase cheap gasoline availability. We must build at least four new reactors every year for the coming ten-years, in both cases the coal liquefaction as well as nuclear electric generation the government will issue permits without strings and guarantee the construction loans. And lastly open the Yucca mountain nuclear dump now!
- Then there is our currency, The Dollar. With the repeal of the 16th Amendment the IRS is gone, but that still leaves in place the FRS. The Federal Reserve System is a consortium of private banks holding America hostage. The FRS must be broken up. State banks that were the primary reason for the cabal of banks to institute the FRS in 1913 must be reinstated and the big money trusts of the NY banks must be broken up. Too big to fail is no longer an option and bailing out this monopolistic cabal must end now. Our “New Dollar” must be based on real value, gold, silver, platinum, palladium and copper. All fiat species must be 100% backed by hard assets.
- Congress must pass a balanced budget amendment to the constitution immediately.
- And lastly the 17th amendment to the Constituion must be repealed. The enactment of the 17th amendment to the Constituion under the Wilson administration in 1913 totally destroyed state rights by removing from the states the ability to appoint through their legislatures their two state senators. Since then the position of senator has become very expensive costing about $10 million in campaign costs. This amendments not only destroyed the influence of individual states on legislative issues but it transferred the position of senator to the monied interests
DR. Krieg was a CEO for 37 years holds 20 US patents and has authored 14 books on manufacturing, business, distribution, politics, economics and finance.