What's wrong with our economy, and how do we fix it?

[PrivateBrain]

I don't like what I keep hearing about America's economy, so I thought we could discuss ideas on how to improve it.

[StingX]

Re: What's wrong with our economy, and how do we fix it?

Well there are only a few Americans here so I don't think you will be getting a plethora of responses haha.
I'd attribute the recession to 2 things. Simply that spending outweighs income, and that too-big-to-fail banks have become socialized.

The first problem is pretty simple. Cut spending and increase taxes. Even just a tax increase would do the trick. I'm for a progressive tax rate for sure, but one thing that I'm on the fence about is whether or not the middle class should get a tax cut right now. On the one hand it's more money to spend, on the other it's more taxes. I can be convinced one way or the other.

The second is where the shit really gets bad. It would be less of an issue for the economy if the taxpayer did not need to bailout big banks when they collapse. I'm an economic capitalist so I am wholeheartedly against the idea of "too big to fail" or bailouts. However, I'm not sure if my ideal is applicable for the economy as it is today. So I turn to the solution of preventing banking collapses by heavily regulating derivative betting, any other financial gambling, loans, foreclosures, speculation, etc. etc. As I see it, if banks want to be a socialized industry they should start getting treated like one.

Unfortunately, our government is extremely corrupt. Both parties are bought and sold by corporations. Republicans, Democrats, I spit on them both. What is needed to solve not only the economic problem but all problems is again, 2 things; a short-term solution and a long-term solution working together. First a constitutional convention must be held and an amendment needs to be created that states that by no stretching of the law are corporations people and thus do not benefit from the rights that people have. This will massively constrict the amount of money that a corporation is able to donate to a political race (which is currently unlimited) and therefore bring the majority of 3rd party influence out of political races and decisions. The second is that more money needs to be spent on education. Because if we get millions of educated and informed people voting on issues that are not influenced by corporations, all other problems will fall into place.

I often daydream about the right and the left joining forces to overthrow the government. As I read the news every day it seems to be more and more likely...

[PrivateBrain]

Re: What's wrong with our economy, and how do we fix it?

Stingy, you're a prince for answering my question so thoroughly.

Fifty points for Gryffindor!

Edit:

Oops, wrong franchise. :|

[Glanni's Girl]

Re: What's wrong with our economy, and how do we fix it?

Oops, wrong franchise. :|

lol
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Nice Analogy