If you’ve been following the Detroit fiasco, then you have heard that it’s unusual only because it’s the first such major city to declare bankruptcy. The word is that there are at least 100 more such cities close to the same declaration of bankruptcy.
Here’s the big deal:
- Item: Obamacare is transforming the country into a nation of part-time workers as companies move to avoid the devastating hit of healthcare costs.
- Item: Americans don’t know it, but they are facing a country in which they will work a lot more in order to make a lot less money. Or, where they won’t be able to find a job at all.
- Item: Workforce non-participation is at an extremely dangerous level. The longer these people remain unemployed, the less employable they become.
- Item: The demise of cities across the country will result in a blow to the economy of unthinkable proportions. This will result in massive dislocations and unrest as services once thought untouchable simply disappear. Once these cities go down, others will follow as their tax revenues plummet due to unemployed citizens and desperate savers hanging onto their dwindling money.
- Item: The only businesses able to weather these hammer-blow economic hurricanes will be the massive multi-nationals. They will survive by shedding workers. However, many will not survive. Manufacturers of non-essential products and items will wink out of existence in droves, adding to the ranks of the unemployed and the workforce dropouts.
The resulting Depression — if this does not get stopped in its tracks and reversed — will make the Great Depression look like a walk in the park.
How can we fix it? Easily? Simple:
- First: Repeal Obamacare
- Second: Repeal Dodd-Frank
- Third: Repeal Sarbanes-Oxley
If you’re actually able to do that, then try to do the next few things:
- Devolve bloated federal agency responsibilities to the states: Dept. of Education, EPA, many, many more.
- Roll back gobs and gobs and gobs and gobs of regulation.
- Reform the tax structure so that people understand for what they are being taxed, and when.
- Reform the tax structure so that the IRS is unnecessary. Then, shut down the IRS.
- Get rid of Mark-to-Market.
- Get rid of the CRA.
- Much, much more, all focused on reducing the size, scope and reach of the central government.
After that, a constant push to devolve responsibilities from the central government to the states would be of enormous help.
Of course, none of this is possible with the current hyper-reactionary President and his corrupt administration, infused as it is with the Obama Culture of Thuggery.