Corrective actions required to fix economy

The Constitution is the mainstay of the people acknowledged by all. The prolonged impasse of the existing two-party system requires the institution of a third party, aptly termed the Constitutional Party. Independents, Democrats, Republicans dissatisfied with partisan and stereotyped bickering can be motivated to enact remedial legislation for the welfare of the people.

The existential economic issues confronting the nation are as follows:

Trillion-dollar annual deficits have transcended any precedent for massive deficit spending. The leading rationale for the deficit splurge, with issuance of new government bonds the underlying mechanisms for quantitative easing, has been to bolster Wall Street and therein the stock market in an unparalleled failed economic policy. The foremost agenda item is to end the deficit craze.

Funding health care by individual insurance is the bane of the American public. The middleman of insurance is in effect the cause of the least visible and most regressive tax in history that is fast bankrupting the middle class, which is the real engine of growth for the entire economy. A major agenda priority is to redress health care funding.

Americans for Tax Reform (Norquist, 1985) has the monolithic principle of no increase in taxes with the corollary of ever flatter and lower taxes. Post World War II America sustained high economic growth with significantly progressive taxation, which is the converse of the Norquist mantra.

The above triad of disastrous funding policies are decimating the American economy. Corrective actions are urgently required.

George Black

Iowa City