In part 1 of this 5 part series, we outlined the principles behind a new fiscal/economic plan for the United States.
In part 2, we're going to start to lay the groundwork that will help strengthen the fiscal policy coming in parts 3 and 4. That groundwork consists of legislation that should be passed to help grow the economy.
1. Marijuana, Same sex marriage, prostitution are all legalized effective immediately.
Why: Despite unpopularity with social conservatives, these are 3 major industries which are being needlessly removed from the above-ground economy - thus needlessly removing jobs and needlessly increasing crime. It is known that Americans have a taste for marijuana, being able to purchase sex and being able to marry persons of their choosing. Why not enhance the pharmaecuitical industry, sex industry and wedding planning industry at the same time AND help to fund the government at the same time? On tax revenue alone, there is a forfeiture of at least $10 billion annually that is being ignored from these activities.
2. The Affordable Care Act, Medicare and Medicaid are immediately repealed.
Why: Principle 3 from part 1 hinted at a health care system overhaul - all these things will be uneccessary.
3. In order to receive health care at a hospital, federal citizenship must be proved.
See above. If we're going to take steps to reduce the financial risks to the middle class of health care, we cannot afford to provide health care to non-citizens.
4. Universities and colleges that receive federal funding may not raise tuition by a greater percentage than the increase of the median wage.
Why: Over the past several decades, college tuition has rapidly outpaced income growth - thus lowering the ROI on education. By making education less attractive, this reduces the skill-set of the American worker - thus creating a less competitive workforce.
5. Social Security may be used at any time for any purpose, but it will be timebound.
As you may have suspected, a single payer health system will be put in place in part 3 - this effectively eliminates the largest expenditure that most Americans face in retirement. Most other spending will be significantly cut, particularly social programs. As a result, the new social security formula will be:
Every American is entitled to Social Security for 1/6 of their remaining life expectancy upon becoming a citizen. The payout will be 40% of the median wage. Social Security may be used at any time, for any reason upon turning age 18. Given that a popular use of Social Security would be to pay for college, this means that despite other cuts, virtually every institution of higher learning will be receiving Social Security funding. Without spoiling part 3, virtually every type of welfare program will be cut under principle 4 (we can't afford them) and thus Social Security needs to act as a safety net. With healthcare taken care of in one's older age, this reduces the amount of retirement savings needed by a substantial amount.
6. Term limits will be imposed on Congress
Congress can no longer be self-serving in it's desire to remain elected - it's own interests often conflict with that of the public.
Part 3 will be coming next week and will outline what spending levels are proposed.
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