3 Simple Solutions to Fix America’s Broken Economy
America’s economic woes are no secret. Nations like China are growing more and more economically powerful, while America is spiraling out of control. Losing an average of $600 billion dollars per year in trade deficits adds up, and the new low-wage economy neither brings in the needed tax dollars to run the country, nor gives citizens enough money to pay the bills. The more imports we buy, the more other nations prosper, and the more America falls deeper and deeper into third world status.
America’s Founding Fathers knew that foreign commerce was the key to a sustainable economy, but not by importing everything we need to live from producers overseas. A quick look at what they set up for a successful nation – and what we have given away – will show how Congress can easily fix the nation’s economic woes.
1. Retake control of the American economy
The U.S. Constitution states that “Congress shall have Power. . . To regulate Commerce with foreign Nations,” yet America has given up this right. America’s commitment to the World Trade Organization gives them the power to challenge and change U.S. trade policies. This foreign body has little interest in helping the jobless in America. Congress alone should have this power, the United States must withdraw from the WTO effective immediately. Only then will we be able to control our fortune, fate and future.
2. Restore tariffs and reform taxes
Every nation in the world has protective measures to ensure they take full advantage of product entering their countries — without letting other nations take advantage of them. Every nation, that is, except the Untied States. In the Constitution America’s Founding Fathers set up ways to not only protect U.S. industries, but also fund the government. “The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises. . .” By reinstating tariffs again like we had before, Americans could sleep better knowing the FDA was properly funded and could check more than 1 or 2% of the sea food entering the country. By lowering income taxes and using a border-adjustable tax — the most successful tax in the world — American workers would not be punished for having jobs and foreign products entering the country could pay for the government through tariffs, as the Founding Fathers envisioned.
3. Stimulate the economy for job growth with the new influx of revenue
With 80% of stores like Walmart’s wares coming from China alone, the revenue earned through tariffs and a value-added tax would be enough to not only rebuild America’s crumbling infrastructure, but also rebuild manufacturing as well. The Constitution also grants Congress power to establish roads and “promote the Progress of Science.” This is money that could go towards the innovation America needs to bring back real jobs in manufacturing, R&D and more.
While the answers are there, Congress cannot act on them so long as the United States continues to hand over rights and powers granted to the government to foreign interests, like the World Trade Organization. It is the duty of every citizen to contact their Congressperson and remind them of the oath they took to honor and follow the Constitution and let them know they have the power to fix the economy, if they would just use it.