Solutions to U.S. economic crisis

The Tea Party philosophy is advocacy of national sovereignty and the 95 percent citizenry. The Tea Party is not beholden to special interests and transcends partisan politics. As progenitor of the Tea Party philosophy in 2008, with subsequent amplification in voluminous analyses, basic principles as antidote to deteriorating trends are:

Globalization free-trade agreements are in effect subsidization of foreign companies and U.S. foreign subsidiaries at the unacceptable cost of massive job losses of American workers and should be repealed.

The principal disequilibrium on Wall Street is the consequence of Federal Reserve entreaties for the 1999 repeal of provisions of Glass-Steagall mandating separation of investment operations from banks, which need to be reinstated for proper functioning of financial markets.

The Federal Reserve is an extragovernmental instrument of Wall Street banks with negative impact on the overall economy and should be dissolved.

The GDP as structured is a gross distortion of economic reality, confounding policy initiatives without the necessary inclusion of changes in the national debt. The efficient GDP structure has been co-opted by another Wall Street-inspired extragovernmental body of the National Bureau of Economic Research.

A flat tax is the ultimate regressive tax eagerly sought by Forbes and other ultra plutocrats. The flat tax would be a toxic mechanism further accelerating uneconomical concentration of resources at the highest stratum with a corollary impoverishment of 95 percent of the citizenry.

George Black

Iowa City