ARC's 1st Law: As a "progressive" online discussion grows longer, the probability of a nefarious reference to Karl Rove approaches one

Tuesday, January 22, 2008

Completed: Point 5 of St Wendeler's Economic Reform Package

First, I have to say that the action this AM by the Fed (cutting the Fed Funds rate by 75 basis points) is welcome news, although it probably should've been done last week as Ben was testifying before Congress.

However, it's a good first step and I recommend that the remaining portion of my economic stimulus package (outlined last week) move forward as proposed:

  1. Cut the corporate tax rate immediately to a rate that is comparable to the rest of the world - perhaps the 12.5% rate in Ireland is a good target.
  2. Cut and simplify the income tax rate to a two tiered system or immediately enact Fred Thompson's tax plan
  3. Eliminate the Capital Gains tax
  4. Announce that ANWR is open for exploration (in order to further reduce the upward pressure on oil)
  5. COMPLETED - Ease the Fed Fund's rate by 75 basis points immediately.
I would only add that the energy aspect (involving ANWR) should be expanded to include incentives for additional refining capacity and a easing of regulatory hurdles with regards to expanding nuclear power generation.

I would also suggest that an across the board cut in government spending of 5-10% (that is, a 5-10% cut in the current spending level, not a 5-10% cut in the anticipated increase) would be helpful, but I wouldn't want readers of this blog to think that I'm insane or anything. Heck, while we're dreaming, perhaps the resolution of the inevitable Social Security and Medicare crisis?

Your Co-Conspirator,
ARC: St Wendeler

Comments (1)
saintknowitall said...

Nope, the Fair Tax plan is the key to long term prosperity.